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14 June, 2024
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Turkish Cypriot entrepreneur purchases hotels in closed Famagusta

Investor plans to revive Varosha's former glory and attract tourists

Yeni Bakis reported today that a Turkish Cypriot entrepreneur claims to have purchased three hotels and two floors of apartment buildings from their Greek Cypriot proprietors in the closed Famagusta. According to the article titled "Three hotels to open in closed Varosha," the businessman intends to open these properties within two months, provided there are no obstacles, and begin accepting reservations for 2025.

The Press and Information Office stated that the Turkish Cypriot entrepreneur has purchased two floors in an apartment building to accommodate employees who will work at the hotel. The article suggests that the businessman, whose identity remains undisclosed, has obtained approval from the Ministry of Interior of the Republic of Cyprus for the acquisition of the hotels and floors. Furthermore, the report does not specify where the businessman made the following statement, but he expressed confidence that Turkey's stance on the Varosha matter and the consistent remarks of Turkey's "ambassador" to the occupied territories, Metin Feizioğlu, have inspired him.

According to the article, the Turkish Cypriot entrepreneur stated that he shifted his investments toward Varosha because the Interior Ministry of the "Greek Cypriot" administration authorized and validated the sales agreements. He further mentioned that he plans to concentrate all his future investments in Varosha and intends to revive its former glory.

The investor-businessman, who claims to have been monitoring the developments in Varosha for the past four years, disclosed that he acquired the hotels after meeting with their owners and obtaining the consent of both the Ministry of Interior and the "Ministry of Interior" in the unrecognized state.

The businessman, who is preparing to sign agreements with tour operators abroad, said he will start accepting bookings for 2025 within a month, in case no obstacles arise.

The entrepreneur remarked that Turkey's position and "TRNC's" stance regarding the Varosha matter are common knowledge, and therefore, he does not anticipate any issues. He also stated that the development of the Varosha and Famagusta area would be facilitated through this initiative, and it represents a significant milestone for the unrecognized state.

The businessman mentioned that he has also made headway in "TRNC," and he plans to purchase an additional six hotels by meeting with the owners in the near future. He further added that he intends to revive the CLEO HOTEL, GOLDEN SEASIDE APARTMENT HOTEL, and AEGEAN HOTEL, which he recently acquired, to their original 1974 state. "I will reconstruct these properties to reflect their historical significance," he said.

The businessman also stated that those interested in exploring Varosha virtually can now do so by visiting, which provides access to the closed-off region and hotels in the metaverse. This platform allows people from any location to conduct their meetings or presentations while touring the area. Additionally, proposals will be solicited for enhancing the hotels' structural integrity, as well as for their interior design and construction. He expressed his gratitude to the ministers and MPs of "TRNC" for their support, the Turkish Republic for consistently standing with the Turks of Cyprus, the Ministry of Interior of the Republic of Cyprus for approving the sales agreement, and Mr. Kleanthi for facilitating his meeting with the hotel owners.

The entrepreneur also revealed that during his initial discussions with foreign tour operators, he proposed that they could book hotel accommodations for the seven-year period between 2025 and 2032 within two months. He also mentioned that the hotels' names would remain unchanged and would be operated under their original names from before 1974.

[With information and translated from CNA's Greek edition] 

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