Sale of hotel in area: Chloraka -

Sale of hotel in area: Chloraka - - Set in a secluded location just off of the Tomb of the Kings road, the hotel combines excellent service with a host of leisure activities, both in-house and just a short distance away. Located directly above the beach of Chloraka, you will find easy access to Paphos harbour (approximately 5 kms away) and the beautiful beaches in Coral Bay. There are 144 well appointed studios and one bedroom apartments. Both room types have an inland, sea or pool view. The Holiday Village supplies a wide range of amenities from parking to a la carte restaurant. There is a wide range of activities for children so that they can have fun too. The hotels land is approximately 19,000 square meters. The land is leasehold from the Church of Cyprus. The initial extend of the lease was 30 years. The remainder of the lease is 18 years with the option to renew for another 30 years. The yearly ground rent payable to the church of Cyprus is Euros 238,000. The church has agreed to a 15% reduction. The loan with the Bank of Cyprus on this hotel is E 7,600,000. Other financial obligations of this hotel to various debtors are around E 5,400,000. A recent valuation for the bank shows the Market Value at 17,000,000. The asking price is E14,000,000. The hotels are owned by 2 different companies under one holding company. They can be bought separately or together. - distance to sea : First line longitude: -0.003 latitude: -0.0007

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