Platres hotel sold for €10 million — major renovation planned

Platres’ Forest Park Hotel has been sold to forex and CFD brokerage firm XM for over €10 million, with a major €15 million renovation expected to follow, according to reports released on Tuesday.

According to local outlet InBusinessNews, “XM has taken over 100 per cent of the hotel’s share capital in a deal that exceeds €10 million”.

Furthermore, a comprehensive renovation plan is on the horizon, with an estimated budget of around €15 million, aiming to elevate the hotel to the Swiss standards reminiscent of the iconic St. Moritz resorts.

This acquisition was confirmed by Panayiotis Papadopoulos, the President of the Troodos Network and head of the Platres community council.

Papadopoulos emphasised the positive impact this acquisition is expected to have on the regeneration of Platres as well as the broader mountain area resorts.

He noted that this change in ownership is poised to significantly enhance the quality and service levels in the region.

It is important to mention that the current administrator, NNV Mountain Resorts Ltd, which rents the hotel from the Skyrianidis family—the previous owners—will continue to manage the establishment until January.

This interim period will allow for the completion of necessary pre-renovation procedures, such as obtaining building permits.

Subsequently, the Forest Park Hotel will close its doors for the renovation work, which is expected to take at least two years.

Papadopoulos added that XM has ambitious plans for the hotel, envisioning it to reach the luxury and prestige of St. Moritz-level establishments, with the renovation budget set at approximately €15 million.

The Forest Park Hotel itself holds a place of significance in Platres’ history, having been established in 1936 by Georgios Skyrianides.

It was officially opened by the then English Governor of Cyprus, Sir Herbert Richmond Palmer, and quickly became one of the few hotels in the region built to European standards, featuring bars, lounges, and dining rooms that attracted international celebrities over the years.

This list includes dignitaries such as Princess Mary of the United Kingdom and King Farouk of Egypt, among others.

Despite facing financial challenges that led to its closure for nine months between 2017 and 2018, the hotel has undergone significant improvements and renovations, the most notable being in the early 2000s.

It reopened in 2018 under the management of NNV Mountain Resorts Ltd and currently operates with 137 rooms, nestled within two three-story buildings surrounded by private forest lands and gardens.

It should also be noted Forest Park has also made its mark culturally, being the inspiration for the Nobel laureate poet Giorgos Seferis’s poem “Helen” in 1955.

Moreover, it is credited with the creation of the Brandy Sour cocktail, specifically designed for King Farouk of Egypt.

XM, the new owner of Forest Park, is a prominent player in the foreign exchange market, established in 2009 and based in Limassol.

With a workforce of over 900 professionals and serving more than 10,000,000 clients globally, XM has cemented its position as a leading international investment company, offering services in over 30 languages across more than 190 countries.

This acquisition signals a new chapter for both XM and the Forest Park Hotel, promising to enhance the allure and prestige of Cyprus’ mountain resorts.