ETYK stays silent on new Protaras hotel purchase

Local bankshotelsprotarasTop News ETYK stays silent on new Protaras hotel purchase Ksenodoxeio Tetyk Relevant News ETYK stays silent on new Protaras hotel purchase 14 July 2026 37-year-old man dies after being trapped in rocks at Konnos 14 July 2026 Cyprus is a model for thalassaemia care, says patient advocate 14 July 2026 Charalambos Zakos 14 July 2026 FacebookXWhatsAppEmailPrintViber Bank employees appear to be keeping information about a hotel acquisition in the Pernera area of Protaras out of public view, reportedly made through TETYK, the Bank Employees’ Welfare Fund of Cyprus, which operates under ETYK, the bank employees’ union. According to philenews, the deal appears to have been settled for some time, with related information reaching even local authorities. However, bank employee representatives have not yet returned philenews’s calls to confirm or deny what is being discussed. Which hotel was bought According to the information, the purchase concerns the seaside Pola Costa Beach Hotel Apts in Pernera, which had remained closed for a long period and had been put up for auction by Bank of Cyprus. This information appears to be confirmed by various sources, who note that the purchase was made by the Bank Employees’ Welfare Fund, though the fund has not yet commented. The hotel sits directly opposite an existing complex of holiday apartments already owned by ETYK in the area. It falls within the boundaries of the Paralimni-Deryneia municipality, in the Protaras tourist area, next to Pernera beach. It is about 850 metres north of Protaras-Cavo Greco avenue and around one and a half kilometres north-west of Protaras avenue. The price of the deal The purchase concerns the tourist complex of organised apartments near Pernera beach. Although the price at which the deal was closed has not been made public, the auction notice listed a reserve price of 1.968 million euros. The new investment follows the acquisition of land in Paphos, also made by bank employees through a purchase from Bank of Cyprus, involving a seaside plot of about one and a half million square metres in the “Limni” area of Polis Chrysochous. This marks the second investment move into tourist properties within a short period. Philenews has spent several days trying to reach representatives of the bank employees to confirm or deny the information, but has not received a response, despite assurances that they would come back with an answer. It remains unclear whether the new owners will proceed with renovating and reopening Pola Costa or opt for a different use of the property. According to the same sources, some procedural issues appear not to have been resolved yet. What the auction covered The sale concerned a half share in two properties, registered under numbers 0/15205 and 0/15206, which were auctioned together. The first plot covers 7,101 square metres and the second 1,456 square metres, for a combined total of 8,557 square metres. Bank of Cyprus documents state that two tourist complexes exist within the two plots, though these are not recorded in the Land Registry. Based on the auction documents, the half share put up for sale concerned the 30-unit Pola Costa Beach Hotel Apts complex, located in the eastern part of the plots. Four open Land Registry files exist for the property, mainly relating to road construction. The same documents state that the maximum 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 canopy area. Subscribe to our Newsletter Latest News 37-year-old man dies after being trapped in rocks at Konnos Cyprus is a model for thalassaemia care, says patient advocate Ten-year-old from Cyprus wins Grand Prix at London piano competition Hotel workers’ union links Xylophagou brawl to illegal labour subletting Cyprus summer 2026: your guide to the season’s festivals Cyprus weather: mostly clear skies, highs of 39C inland today Limassol man remanded over alleged rape and sexual abuse of mother-in-law Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.