Pangaea pours 15 mln euros into Cyprus hotel

Pangaea pours 15 mln euros into Cyprus hotel

Real estate investment company NBG Pangaea is investing more than 15 million euros in a luxury hotel in Nicosia, Cyprus, the company said in a statement.

Pangaea purchased Lasmane Properties Ltd, owner of a property in Nicosia, formerly operating under the "Holiday Inn" brand for 11.2 million euros. The hotel has 140 rooms and is one of the largest hotels in the city.

"It is very centrally located, within the Venetian walls of the city and in close proximity to the commercial center (Ledras and Onasagorou streets as well as Makariou Avenue) and to Eleftherias Square which is currently being regenerated as designed by the internationally renowned architect Zaha Hadid," Pangaea said in a statement.

The property will be fully refurbished at an additional cost of 4.5 million euros and will operate as a luxury city hotel. It is leased to Zeus International group, a fast growing hotel operator in Greece and the wider region.