Berengaria goes on ‘best offer’ auction

The lienholders of the abandoned Berengaria have chosen to call for best offers on the legendary hotel, following a failed attempt to seal the deal in a recent auction where the minimum asking price of just over €2 million.

On Thursday, the Bank of Cyprus which owns the title to the property published an advertisement in the local press, saying it would accept “best offers” on Berengaria through 14 January 2019. The tenders, which have to be submitted in sealed envelopes, will be opened the following day in Aglandjia, Nicosia.

The historic Berengaria hotel, nestled in the island’s highest mountain range covering 26,520 square metres, went up for auction back in September but remained unsold due to bidders failing to meet the reserve price of €2,360,000 million. A rumoured investment interest from Germany had also rekindled hope for the hotel but those plans also fell through.

Berengaria, named after the wife of King Richard the Lionheart, was a main tourist attraction in Prodromos up in the Troodos mountains. It opened in 1931 and closed down in 1984. According to rumours, the hotel owner left the property to his three sons who did not get along due to financial disagreements over profits. The hotel business itself closed down due to bad business practices, according to experts.

Despite safety warnings, the desolate structure remained a main attraction, capturing the imagination of thousands of visitors and history enthusiasts who sought a chance to get up close and personal with its ghosts lurking in the dark.

Next month, the Bank of Cyprus hopes to find the most eligible suitor, meaning that the lender institution will have to pick the best offer among those submitted and hand over the keys.