Aqua Sol Acquisitions
24/7/2001 9:40
The Board of Aqua Sol Hotels, following careful consideration, decided to proceed with the following acquisitions or lease of tourist villages, hotels, apartments and land, against the sum of CYP 22.820.000.
1. Electra Tourist Village
The Electra Tourist Village is comprised of 126 apartments as a tourist village category A, based on regulations of the Cyprus Tourist Organisation. The village is in the Ayia Napa area near the Nisi avenue and is on the beach.
For the village, a long-term commitment contract has been signed for 10 years with First Choice. The terms of the contract include the lease of the group by the company for a period of 99 years against the sum of CYP 6.300.000 with a purchase option by the company upon expiry of the period against the symbolic sum of CYP 100.
2. Panas Tourist Village
Panas Tourist Village is comprised of 113 apartments as a tourist village category A, in accordance with regulations of the Cyprus Tourist Organisation. The group is in the Ayia Napa area (next to the Electra Tourist Village) near the Nisi avenue and is on the beach.
For the particular group, a commitment contract has been signed for three years with the tourist organisation Airtours Holidays. The terms of the contract include the lease of the group by the company for a period of 99 years against the sum of CYP 5.800.000. The company retains the right to acquire the ownership of the group against the sum of the symbolic sum of CYP 100 upon expiry of the lease.
3. Panas Villas
The group is comprised of 16 tourist villas including all common areas in accordance with Cyprus Tourist Organisation regulations. The group is next to Panas Tourist Village.
The group has been leased for 14 years against the sum of CYP 950.000 and will operate as part of Panas Tourist Village, achieving higher profitability.
4. Vangelis Hotel Apartments
The group is comprised of 166 category A apartments based on CTO regulations. The group is situated in one of the most privileged areas of Protaras opposite the Iliada Beach Hotel.
For the group, a commitment contract has been signed for 3 years with Airtours Holidays. Terms of the contract provide the lease of the group by the company for a period of 15 years against the sum of CYP 5.000.000
5. Callisto Villas Block A
The group is comprised of 22 villas with common areas in accordance with CTO regulations. The group is next to Callisto Tourist Village which belongs to the company. The terms of the contract provide for lease of the group for 14 years against the sum of CYP 1.330.000.
6. Callisto Villas Block B
The group is comprised of 24 villas with common areas in accordance with CTO regulations. The group is next to Callisto Tourist Village which belongs to the company. The terms of the contract provide the lease of the group for 13 years against the sum of CYP 1.440.000.
7. Vassos Nissi Plage and Margadina Hotel
The two groups Vassos Nissi Plage and Margadina Hotel have a capacity of 88 rooms and 95 beds respectively. Vassos Nissi Plage is on the Nissi beach, one of the most popular beaches in Ayia Napa.
Margadina Hotel is in the centre of Ayia Napa, just 150 metres from the beach.
The two hotels have been leased from the manager of the owner company against the initial sum of CYP 2.000.000 and CYP 316.725 additional rental per year for a period of 9 years with 3% increase.
8. Purchase of land in Paphos
The company has acquired on a long lease from the Archibishopric of Cyprus, land in Chloraka equalling 78,669 sq.m. The lease is for 33 years with an option to renew by the company for another 33 years, as long as the company complies with requirements of the lease contract.
The land is near the Saint George Hotel on the beach. The company plans to construct two tourist villages, 250 and 140 apartments respectively which are anticiapated to be completed and operational in 2002 and 2003. For the first tourist village of 140 apartments, a commitment contract has been signed for 10 years with First Choice.
For the acquisitions 1 to 6, the Board of the company acquired valuations from Messrs Antonis Loizou & Associates and Rois Nicolaides according to which current market value is substantially higher. Contracts referred to in paragraphs 1 to 6, parties involved are or associated with major shareholders and or members of the Board of the company.
The company notes that by the acquisition of two new tourist villages, the company will be managing a total of 6 tourist villages.
The Board anticipates that with the new groups, profits of the company will increase substantially.
1. Electra Tourist Village
The Electra Tourist Village is comprised of 126 apartments as a tourist village category A, based on regulations of the Cyprus Tourist Organisation. The village is in the Ayia Napa area near the Nisi avenue and is on the beach.
For the village, a long-term commitment contract has been signed for 10 years with First Choice. The terms of the contract include the lease of the group by the company for a period of 99 years against the sum of CYP 6.300.000 with a purchase option by the company upon expiry of the period against the symbolic sum of CYP 100.
2. Panas Tourist Village
Panas Tourist Village is comprised of 113 apartments as a tourist village category A, in accordance with regulations of the Cyprus Tourist Organisation. The group is in the Ayia Napa area (next to the Electra Tourist Village) near the Nisi avenue and is on the beach.
For the particular group, a commitment contract has been signed for three years with the tourist organisation Airtours Holidays. The terms of the contract include the lease of the group by the company for a period of 99 years against the sum of CYP 5.800.000. The company retains the right to acquire the ownership of the group against the sum of the symbolic sum of CYP 100 upon expiry of the lease.
3. Panas Villas
The group is comprised of 16 tourist villas including all common areas in accordance with Cyprus Tourist Organisation regulations. The group is next to Panas Tourist Village.
The group has been leased for 14 years against the sum of CYP 950.000 and will operate as part of Panas Tourist Village, achieving higher profitability.
4. Vangelis Hotel Apartments
The group is comprised of 166 category A apartments based on CTO regulations. The group is situated in one of the most privileged areas of Protaras opposite the Iliada Beach Hotel.
For the group, a commitment contract has been signed for 3 years with Airtours Holidays. Terms of the contract provide the lease of the group by the company for a period of 15 years against the sum of CYP 5.000.000
5. Callisto Villas Block A
The group is comprised of 22 villas with common areas in accordance with CTO regulations. The group is next to Callisto Tourist Village which belongs to the company. The terms of the contract provide for lease of the group for 14 years against the sum of CYP 1.330.000.
6. Callisto Villas Block B
The group is comprised of 24 villas with common areas in accordance with CTO regulations. The group is next to Callisto Tourist Village which belongs to the company. The terms of the contract provide the lease of the group for 13 years against the sum of CYP 1.440.000.
7. Vassos Nissi Plage and Margadina Hotel
The two groups Vassos Nissi Plage and Margadina Hotel have a capacity of 88 rooms and 95 beds respectively. Vassos Nissi Plage is on the Nissi beach, one of the most popular beaches in Ayia Napa.
Margadina Hotel is in the centre of Ayia Napa, just 150 metres from the beach.
The two hotels have been leased from the manager of the owner company against the initial sum of CYP 2.000.000 and CYP 316.725 additional rental per year for a period of 9 years with 3% increase.
8. Purchase of land in Paphos
The company has acquired on a long lease from the Archibishopric of Cyprus, land in Chloraka equalling 78,669 sq.m. The lease is for 33 years with an option to renew by the company for another 33 years, as long as the company complies with requirements of the lease contract.
The land is near the Saint George Hotel on the beach. The company plans to construct two tourist villages, 250 and 140 apartments respectively which are anticiapated to be completed and operational in 2002 and 2003. For the first tourist village of 140 apartments, a commitment contract has been signed for 10 years with First Choice.
For the acquisitions 1 to 6, the Board of the company acquired valuations from Messrs Antonis Loizou & Associates and Rois Nicolaides according to which current market value is substantially higher. Contracts referred to in paragraphs 1 to 6, parties involved are or associated with major shareholders and or members of the Board of the company.
The company notes that by the acquisition of two new tourist villages, the company will be managing a total of 6 tourist villages.
The Board anticipates that with the new groups, profits of the company will increase substantially.
