Louis plc announces that within the framework of the strategic plan, which provides for the Group’s restructuring and reduction of borrowing, subsidiary Louis Hotels Public Company Limited proceeded with the transfer of the ownership of Louis Althea Beach Hotel (150 flats) in Protaras to Smooland Properties Ltd, which is controlled by Bank of Cyprus Public Company Limited.
In the sidelines of the agreement, the hotel was leased by Louis Hotels for the period of three years with a renewal option for two more years.
The sale price of the hotel stands at €15,750,000. Louis Hotels, for the first two years of lease, reserves the right to repurchase the hotel at the same price plus the transfer expenses. For the next three years and in case a third person expresses his/her interest in buying it, the Company reserves the right of first refusal.
No accounting loss or profit emerges from the sale.
The net product of sale was used to reduce the borrowing of Louis Hotels Public Company Ltd and Louis plc.
In the sidelines of the agreement, the hotel was leased by Louis Hotels for the period of three years with a renewal option for two more years.
The sale price of the hotel stands at €15,750,000. Louis Hotels, for the first two years of lease, reserves the right to repurchase the hotel at the same price plus the transfer expenses. For the next three years and in case a third person expresses his/her interest in buying it, the Company reserves the right of first refusal.
No accounting loss or profit emerges from the sale.
The net product of sale was used to reduce the borrowing of Louis Hotels Public Company Ltd and Louis plc.