Calamos Supports Greece
GreekReporter.comGreek NewsCyprusCyprus: US Investors Interested in Ledra Palace

Cyprus: US Investors Interested in Ledra Palace

ledra-palace_2Archbishop Chrysostomos announced that US investors are interested in leasing the Ledra Palace hotel in the buffer zone of Nicosia. The Church holds the majority stake in the building which has now become the landmark of Nicosia.
During their visit in Cyprus last week, the US investors, who were not named, expressed their interest in purchasing a large part of the coastal land owned by the Church. Given that they are aiming to build hotels, they also looked into leasing Ledra Palace.
Chrysostomos stressed during his announcement that the Church was not looking into selling its share of the hotel. However leasing the property to foreign investors would facilitate the renovating process, whose cost is estimated at 10 to 15 million euros. If the Church undertakes Ledra Palace’s renovation then it is possible for the building to be seized by Turkish military forces.
“We want to maintain it so that it can operate as soon as possible,” said the archbishop.
Ledra Palace operated until 1974 as one of the largest and most luxurious hotels of Nicosia. It was designed by Benjamin Günsberg and built between 1947 and 1949. After the Turkish invasion it fell within the boundaries of the UN Buffer Zone and now serves as headquarters for the United Nations Roulement Regiment (URR). Over the years, the hotel has hosted many high-level meetings between Greek Cypriots and Turkish Cypriots.

See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!



Related Posts