According to news published on Tuesday, Platres’ iconic Forest Park Hotel has been sold for over €10 million to forex and CFD brokerage business XM.
A significant €15 million makeover is anticipated to occur shortly after the sale.
“XM has taken over 100 per cent of the hotel’s share capital in a deal that exceeds €10 million,” the local publication InBusinessNews reports.
In addition, a thorough refurbishment plan that is anticipated to cost approximately €15 million is in the works. Its goal is to bring the hotel up to the legendary St. Moritz resort standards in Switzerland.
The hotel stands amidst its own 20 acres of Forest and Gardens. Founded by George. H. Skyrianides and officially opened in July 1936, it was then the only hotel in Cyprus able to cater for its clients at International Standards.
In 1936 the author Daphne du Maurier spent one month here with her husband and in that time wrote one of her well known novels “Rebecca”.
