The investment plan provides for mixed growth (tourist, residential), while for the hotel NCH Capital will work with a large international brand.
In the acquisition of the former hotel “Beau Rivage” in the tourist area of Dekelia Road and an adjacent coastal piece of land of 33.000 sq.m. US interests NCH Capital Inc, which manages $ 3 billion of funds, are split into 25 funds around the world. The head of the NCH Capital team that manages the unit dealing with the Western Balkans, Greece and Cyprus is a Cypriot, Andreas Santos.
According to “P”, the price of the transaction (the property sold by Bank of Cyprus and signatures fell yesterday) is estimated at 25 million euro, while NCH Capital Inc. intends to proceed with a total investment of more than 100 million euro.
The investment plan provides for mixed development (tourist, residential), while for the hotel NCH Capital will work with a large international brand that is not present in the Cypriot market today. NCH Capital is already running similar projects in Corfu and Montenegro.
The project in Corfu concerns an area of 490 acres in the area of Hermitti of Kassiopi, which was acquired by TAIPED (the state fund that manages Greek government assets) and provides for the operation of a luxury resort, country houses and a marina with a capacity of 60 seats. The start of the construction works is scheduled for the first half of 2019.
NCH Capital seeks other investment opportunities in Cyprus in areas that are not considered to be saturated, such as in Larnaca and Famagusta’s free area. There is nothing specific at this stage. Factors of the Cypriot market characterize this investment as a particularly good news for Cyprus, which has two distinct features: it is a direct foreign investment from the US and is not related to the naturalization-motivated investment program.
NCH Capital focuses on real estate investment, agribusiness, private equity and titles listed on the stock market. Half of its investments are frozen in agriculture, mainly in Ukraine and Russia, making NCH one of the world’s largest … farmers.
On the other hand, the investment comes to give an air of renewal to a degraded point of the touristic Dekelia Road.
The Hotel Beau Rivage has been abandoned for more than ten years and has turned into a crime scene. The “Beau Rivage” is the only hotel in Larnaca that was included on the Bank of Cyprus property management website for sale purposes, while the land plot was the second largest that the bank had put out for sale.
The hotel had 188 rooms, a swimming pool and a green area on its western side. It has a total area of 13.364sq.m. The hotel, in its good times, was among the most famous in the area.