The Forest Park Hotel in Platres, bought by brokerage firm XM for €10 million, will undergo a €15 million renovation to reach Swiss luxury standards. The extensive refurbishment aims to upgrade service quality and luxury, potentially closing the hotel for two years during the transformation.
What are the renovation plans for the Forest Park Hotel in Platres?
The Forest Park Hotel in Platres, acquired for €10 million by brokerage firm XM, is set for a €15 million renovation to achieve Swiss luxury standards. The project will extensively refurbish the hotel, upgrading service quality and luxury, potentially closing it for two years during the transformation.
A New Chapter for Forest Park Hotel
The landmark Forest Park Hotel in Platres has been acquired by the forex and CFD brokerage firm XM. The deal, worth over €10 million, sets the stage for a transformative €15 million renovation that aims to bring Swiss luxury to the Cypriot mountains. Sources like InBusinessNews have revealed that XM now controls 100% of the hotel’s share capital. The hotel’s storied history and cultural significance make this acquisition notable. Established in 1936 by Georgios Skyrianides, Forest Park quickly became a European standard in the region, hosting figures such as Princess Mary of the UK and King Farouk of Egypt.
Rising to Swiss Elegance
Under XM’s ambitious plans, Forest Park Hotel is set to undergo extensive renovations to match the grandeur of the St. Moritz resorts in Switzerland. This vision was shared by Panayiotis Papadopoulos, who heads the Troodos Network and the Platres community council. He expressed optimism about the project’s impact on Platres and surrounding mountain areas. The project aims to not only refurbish but significantly elevate the service quality and luxury of the hotel. Currently managed by NNV Mountain Resorts Ltd under a rental agreement with the Skyrianidis family, the hotel’s administration will carry on until the end of January, after which the extensive refurbishment will commence.
Historical Legacy and Future Prospects
Forest Park Hotel’s significance extends beyond its hospitality services, having inspired Nobel laureate poet Giorgos Seferis and being the birthplace of the Brandy Sour cocktail. After a nine-month closure from 2017 to 2018 and past renovations, the hotel stands with 137 rooms surrounded by private forests and gardens. The forthcoming project, likely taking two years, will potentially close the hotel to allow for the architectural transformation. XM, based in Limassol since 2009, serves over 10 million clients globally. The firm’s investment in Forest Park Hotel heralds a new era of luxury and prestige for Cyprus’ mountain resorts.
What are the renovation plans for the Forest Park Hotel in Platres?
The Forest Park Hotel in Platres, acquired for €10 million by brokerage firm XM, is set for a €15 million renovation to achieve Swiss luxury standards. The project will extensively refurbish the hotel, upgrading service quality and luxury, potentially closing it for two years during the transformation.
Who acquired the Forest Park Hotel in Platres and for how much?
The Forest Park Hotel in Platres was acquired by brokerage firm XM for over €10 million. XM now controls 100% of the hotel’s share capital and plans to invest an additional €15 million in renovations to bring Swiss luxury standards to the property.
What is the historical significance of the Forest Park Hotel in Platres?
Established in 1936 by Georgios Skyrianides, the Forest Park Hotel quickly became a European standard in the region and has hosted notable figures such as Princess Mary of the UK and King Farouk of Egypt. The hotel has also inspired Nobel laureate poet Giorgos Seferis and is known as the birthplace of the Brandy Sour cocktail.
How will the renovation of the Forest Park Hotel impact Platres and the surrounding areas?
The renovation of the Forest Park Hotel is expected to significantly elevate the service quality and luxury of the property, aiming to match the grandeur of the St. Moritz resorts in Switzerland. The project is anticipated to have a positive impact on Platres and the surrounding mountain areas, bringing a new era of luxury and prestige to Cyprus’ mountain resorts.
