MHV: The Landmark Nicosia anticipated to open in Q4 2025

MHV Mediterranean Hospitality Venture Plc has updated the investing public, through an announcement on the Cyprus Stock Exchange website, on the annual progress of the company’s operations based on its business plan, as presented in the Admission Document dated 11 October 2023.

The company's announcement can be seen below:

MHV Mediterranean Hospitality Venture Plc wishes to inform the investing public regarding the annual progress of the Company’s operations based on its business plan, as such is presented in the Admission Document dated 11 October 2023. More specifically:

Hotel Operations

In Cyprus, the Company has had a solid season and is expected to deliver on budget 2024 in most major key performance indicators, marking also a significant increase compared to previous year. Building on the 2024 performance, the Company is setting its budget for 2025.

In Greece, the Company has had a satisfactory season, with the addition of 6 villas to the inventory of Nikki Beach Hotel at Porto Heli within 2024, as per its expansion plan.

Moreover, on 30 October 2024 the Greek subsidiary of the Company, MHV Bluekey One Single Member S.A., proceeded with the signing of final contracts for the entire acquisition of the hotel Porto Paros, on the island of Paros, Greece. The Company plans to undertake significant renovation and development initiatives to transform the property into a premier hospitality destination, enhancing its value and appeal, at a time to be decided by the Company’s Board of Directors.

Real Estate Activities

On the real estate front, interest in the Company’s properties (Park Tower, Landmark Residential Tower) remains strong, with a satisfactory number of units sold within 2024 and a healthy pipeline for 2025.

At Landmark Nicosia, renovation of the hotel and development of the residential and office towers is progressing, with hotel opening date expected within the fourth quarter of 2025 and delivery of the office and residential towers expected by December 2025 and March 2026 respectively.

At Parklane, a Luxury Collection Hotel, Limassol, after securing planning permits for the development of two residential towers, the Company is proceeding with planning for the commencement of construction works for the first tower, at a time to be decided by the Company’s Board of Directors.