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18 June, 2024
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Luxurious residences and cutting-edge offices transform Nicosia's skyline

Two towers redefine Nicosia's landscape with lavish homes and innovative workspaces

Maria Eracleous

Maria Eracleous

After being closed for two years, the Landmark Hotel, formerly known as the Hilton, is undergoing rapid renovation. The MHV Group, the owner, has provided an update indicating that the project is progressing swiftly according to the plan, with the anticipation of completing and reopening the establishment before the close of 2024. The Environmental Authority has received details about the project, revealing its financial aspects. The total investment for the hotel's rejuvenation is projected at approximately EUR 40 million, while the construction of both towers—an office tower and a residential tower—will require an estimated EUR 70 million. This venture not only revitalizes the real estate landscape but also introduces growth to the office market in the capital. The burgeoning office market, buoyed by the influx of foreign companies in recent years, adds to the investment's value, totaling around EUR 110 million.

Up to 1,000 people

Anticipated for the reopening of the hotel is its notable addition to Nicosia's hotel landscape, which has been trailing other areas of Cyprus. This phenomenon underlines the lower demand for vacations in the capital city. However, an avenue where the hotel might excel beyond the coastal cities is in the realm of conference tourism and broader business events. MHV's blueprint outlines that the revamped Landmark Nicosia Hotel will effectively utilize this opportunity by integrating a cutting-edge hall designed for event and conference hosting, capable of accommodating up to 1,000 individuals. This multifunctional space can also serve for social gatherings such as weddings and baptisms. Beyond this, the new establishment is set to feature two branded restaurants, a pool bar under a recognized name, three swimming pools, a tennis court, and an array of high-end boutique outlets. The renovation agenda will extend to creating comprehensive wellness facilities staffed by qualified professionals—encompassing a fully-equipped gym, spa, thermal baths, sauna, and Jacuzzi. A pivotal component of the overall development will be the enhancement and maintenance of the adjacent 10,000 sq.m. park.The hotel will also include a special area for the organization of events and conferences, with the possibility of hosting up to 1,000 people.

The Emerging Brand

An emerging query pertains to the identity under which the hotel will re-emerge. As per company sources, active deliberations are presently underway to christen the five-star luxury establishment with a fresh brand name. Among the considerations is the prospect of aligning the hotel with the renowned hospitality chain, Marriott, akin to the scenario with Parklane—an entity also within the MHV portfolio. Conclusive determinations are set to be reached within the forthcoming months, and a formal unveiling of the hotel's novel brand identity is anticipated by year's end. What the company underscores, however, is the commitment to upholding the historic prestige of the Hilton Hotel—a symbol of distinction entrenched within a timeless locale at the heart of the capital city. Moreover, it aims to preserve its status as a quintessential gathering point for local business, political, and societal luminaries, alongside organizations and enterprises.

The Towers

A notable investment of approximately 70 million is allocated for the development of two towers within the hotel's expansive outdoor expanse. The first tower, christened "The Landmark Nicosia Residences," will offer luxurious residential spaces, while the second, named "The Landmark Nicosia Offices," will provide state-of-the-art office facilities. The office tower, spanning 16 floors and encompassing 16,500 square meters, is designed with a commitment to sustainability and is slated for international LEED Gold certification. This certification signifies adherence to stringent standards for energy efficiency, water conservation, reduced carbon emissions, and the provision of safe and healthful work environments.

Conversely, the residential tower, "The Landmark Nicosia Residences," is envisioned across 17 floors, housing 53 opulent apartments. These apartments are envisaged to boast private swimming pools, landscaped gardens, cutting-edge external thermal insulation technology, expansive floor-to-ceiling windows, and integrated smart home systems. Notably, both towers will feature subterranean parking spanning two levels, complemented by round-the-clock professional security services and a dedicated concierge.

Crucially, potential buyers can already explore investment opportunities within the Landmark Nicosia Residences apartments, while leasing options for office spaces at Landmark Nicosia Offices are also available. The projected completion for both towers is set for the year 2025. MHV Group's CEO, Harris Michael, reports promising progress, with robust interest in both residential and office spaces. Notably, international enterprises have already engaged in leasing discussions for office accommodations. Michael emphasizes that the endeavor caters not only to foreign investors and corporate entities but also primarily to domestic investors seeking unparalleled quality and opulence within the expansive offerings, spanning the hotel and the two architectural marvels.

[This article was first published in Wednesday's Oikonomiki and translated from its Greek original]

Cyprus  |  business  |  economy  |  Nicosia

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