Courts to decide on Pernera hotel takeover after former owner’s legal challenge

Local hotelspropertiesprotarasTop News Courts to decide on Pernera hotel takeover after former owner’s legal challenge Ksenodoxeio Tetyk Relevant News Courts to decide on Pernera hotel takeover after former owner’s legal challenge 21 July 2026 Fuel station owners to march on Presidential Palace 21 July 2026 No criminal offence found in Videogate, but hunt continues for who ordered it 21 July 2026 newsroom 21 July 2026 FacebookXWhatsAppEmailPrintViber Developments have emerged over the takeover of a hotel complex in the Pernera area of Protaras, which reportedly passed into the hands of the Cyprus Bank Employees’ Welfare Fund (TETYK). According to newer information obtained by philenews, the former owner of the Pola Costa Beach Hotel Apts has gone to court seeking to annul the auction process through which the sale took place. The hotel was bought by the Cyprus Bank Employees’ Welfare Fund. Sources familiar with the matter say the complex has been sealed and the former owner has left the premises, while in the coming days an equipment count is expected to take place, with the equipment reportedly belonging to the company that previously managed the hotel. The case has already been filed before a court. €5m purchase price The auction process was linked to a loan debt of €605,000 owed by the hotel’s former owning company. According to information passed to this newspaper, the arrears covered a period of a few months and did not concern a non-performing loan that had sat on the bank’s books for years. Part of the debt reportedly related to recent loans agreed between the owning company and the bank for the renovation of the restaurant, which remained closed until the work was completed. The hotel itself reportedly remained closed due to public works in the area, including the construction of a pedestrian walkway. The same sources say a café operated on site, and its revenue was reportedly used to make payments to the bank to service the loan. The auction’s reserve price stood at €1.9 million, while the final purchase price appears to have reached close to €5 million. According to the same account, the company argues, among other things, that the value of the collateral was several times the size of the loan debt, while maintaining that it had reportedly been in discussions with the bank over a temporary restructuring of the loan until the hotel could fully reopen. A restructuring that was never approved, according to the same information. What the purchase includes The sale concerned a half-share in two properties, with registration numbers 0/15205 and 0/15206, which were put up for auction jointly. The first plot covers 7,101 square metres and the second 1,456 square metres, for a combined total of 8,557 square metres. According to available information, two tourist complexes stand on the two plots. One of them does not appear in the relevant Land Registry records referenced in the auction document. It is reportedly claimed that certain additional structures were not included in the object or price of the original sale, and related claims are being raised. The case continues before the courts The case’s outcome now rests with the courts. Until the process concludes, the matter of the sale remains open, with only a temporary order currently in effect barring alterations or additions until the case is heard. It is worth noting that four Land Registry files remain open on the property, relating mainly to road construction. According to the same documents, the maximum permitted number of floors is three, with 460 square metres in the basement, 275 square metres on the ground floor, 1,580 square metres across the upper floors, and 235 square metres in the shed. Subscribe to our Newsletter Latest News Fuel station owners to march on Presidential Palace No criminal offence found in Videogate, but hunt continues for who ordered it Cyprus to extradite 45-year-old to UK for spying on British Bases Dhekelia power fault triggers electricity cuts in various parts of Cyprus Police arrest five overnight in islandwide crackdown on crime and traffic offences Right lane closed on Nicosia-Limassol highway after crash near Agios Tychonas Cyprus or Greece? What to know before making the move Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.