Strategic collaboration between Invel Real Estate, PRODEA Investments and Ioannis Papalekas Group in the hotel sector Acquisition of Parklane, a Luxury Collection Resort & Spa Limasso
As part of their strategic collaboration in the hospitality sector, Invel Real Estate, PRODEA Investments and the Cypriot YODA group of Ioannis Papalekas announce the acquisition of 45% of PRODEA’s stake in Mediterranean Hospitality Venture Limited (MHV) by a subsidiary of Groupe YODA. PRODEA Investments retains 45 percent in MHV while Invel Real Estate 10 percent, through a subsidiary.
MHV, the sole shareholder of The Cyprus Tourism Development Company Limited, which owns The Landmark Nicosia, is the joint investment vehicle of the three shareholders of the hospitality and tourism sector in the wider Mediterranean market.
Invel Real Estate, PRODEA Investments and YODA Group have also made their first joint investment via MHV: the acquisition of 100% of the shares of Parklane Hotels Limited, owner of the luxury hotel complex Parklane, a Luxury Collection Resort & Spa Limassol and Park Tour composed of 20 luxury apartments in Limassol.
Parklane, a Luxury Collection Resort & Spa Limassol is the only internationally branded luxury resort in Cyprus.
It is built on 100,000m² of beachfront land and has 222 luxury rooms and 52 suites including 18 one, two and three bedroom Park Villas, with private swimming pools.
The resort has five restaurants, two bars, 11 meeting rooms, a mini football pitch, three tennis courts, a gym, the luxurious premium Kalloni spa and a unique 3000m² children’s club.
Founder and Managing Partner of Invel and Executive Chairman of PRODEA Investments, Christophoros Papachristophorou, said: “We are pleased to acquire the luxurious Parklane Resort, which diversifies and complements our existing portfolio of hotels in Cyprus. Parklane, The Landmark Nicosia and Aphrodite Hills Resort are three unique / flagship assets, which we aim, through additional investments, to further develop and transform into ultimate hotel destinations not only in Cyprus but also in South East Europe. . The strategic partnership between Invel Real Estate, PRODEA Investments and YODA Group is now focused on other Mediterranean markets, in particular Greece and Italy, where specific investments are currently being considered in the hotel sector ”.