The big players investing millions in Platres’ property renaissance (pics)

The renaissance of Platres is moving ahead steadily, with major development projects-- mainly in the tourism sector-- on track for implementation.

Among them, is the historic Forest Park Hotel, which is changing ownership and will be renovated to rebrand it to a Swiss-style St. Moritz venue. At the same time, Property Gallery has recently made new purchases and investments, firmly establishing its presence in the mountain tourist resort.

In parallel, other hotel and tourism developments are in the works, as well as real estate investments, with development in picturesque Platres at its peak. The procedures for the University of Troodos are also underway, which will breathe new life into the mountain resorts.

On its part, the Community Council has proceeded with a series of quality upgrades to respond to the new needs and conditions.

Speaking to InBusinessNews, the President of the Troodos Network and head of the Community Council of Platres, Panayiotis Papadopoulos, referred to the large-scale developments that are making up the pieces of the puzzle of the regeneration of Platres contributing to the upgrade of the services provided.

Lots of visitors, but also significant reductions

At the same time, he referred to the number of visitors to Platres, which, as he explained, is at high levels, however reduced, due to the loss of the two major markets, Russia and Israel.

"People visit Platres. But we certainly have losses due to the wars, with the loss of the Russians and the Israelis, for whom Platres was a destination. Losses are mostly on weekdays. We are always full on weekends," he pointed out, among other things.

Asked about the profile of the visitors, he said that about 50% are Cypriots and the rest are foreigners, including visitors, tourists and people who have purchased a residence.

The five big players in picturesque Platres

As Papadopoulos pointed out, in Platres there are five new players contributing to the development and which have invested amounts of several million.

In particular these are XM with the acquisition of Forest Park, Property Gallery with tourist and residential developments, the entrepreneur behind the Tree Hotel, DTA Group with resort developments, as well as another new player, whose investment process is at a very early stage.

XM's entrance into Platres- putting millions in the historic Forest Park

As revealed by a recent report by InBusinessNews , the historic Forest Park Hotel is being acquired by the Cypriot foreign exchange (forex) company, XM, which is acquiring 100% of the equity capital.

The deal exceeds €10 million, while a major renovation of over €15 million is expected to follow, with the aim of rebranding the hotel to the Swiss standards of the iconic resorts of St. Moritz.

The renovation work is expected to take at least two years.

Property Gallery is growing its influence in the community

Aiming to restore the historic Platras to its former glory, Property Gallery has been involved in a number of projects.

Among them, the renovation of the historic Petit Palais Boutique Hotel delivered in 2020, as well as the Platres Athletic Sports Centre, a project that has been completed and is operating under the new name of Platres Arena.

It is worth noting that the Platres Arena sports center includes a full-size football field with a capacity of 1,500 spectators, a 5x5 football field, basketball and volleyball courts, as well as two tennis courts with a hard acrylic floor that follows the specifications of the Australian Open.

The company also completed the venues of Cleopatra Le Bistro, as well as the Petite Patisserie bakery, which are the company's two newest projects in the catering sector. They are both located in the center of Platres, right across the way from the legendary Petit Palais Boutique Hotel.

On top of that, Property Gallery has undertaken the renovation of the Pendeli Hotel, which is expected to be completed soon, as well as the Splendid Hotel, for which some permits are pending before work can begin.

As for the renovated Splendid Hotel, it will incorporate a unique design intertwined with the natural landscape.

Following the natural slope of the mountain, the hotel's multiple levels will "hug" the slope, with the lower floors appearing to be excavated into the mountain and featuring roofs transformed with grass.

It will feature a total of nine levels of which only two will rise completely above the ground floor.

Also in development is the Greenwood residential complex, which consists of a series of villas and chalets. These are six separate three to four bedroom cottages, with three of them having a swimming pool.

As mentioned by the president of the Troodos Network and head of the Community Council of Platres, Property Gallery is also consolidating its presence with a new project.

In particular, it has recently purchased a listed three-storey building next to the Pendeli Hotel which will be converted into a health and wellness centre partnered with hotels, and which is still at the architectural planning level.

"Thus, we see that Property Gallery is slowly growing its influence in the center of Platres and by 2025 it will have a large share," added Papadopoulos.

DTA Group’s €98m 'Guru' investment moves forward

In relation to the DTA project, Papadopoulos, said that it is progressing as anticipated.

In particular, Guru Mountain Resort got all the permits and is "running" to catch up with the schedules, which see the project anticipated to be completed in 2025.

It is a residential development with a total area of ​​56,150 sq.m., the investment of which amounts to €98 million. Among them, mansions, luxury homes, chalets and apartments make up the new luxury resort, which is expected to upgrade Platres.

Tree Hotel-The "quiet place" of Platres

As for the Tree Hotel, it is awaiting approval from the Environment Authority before work can begin. It is a "special" hotel-retreat, whose estimated construction cost is around €4 million.

Among other things, it will include 58 cabins with a total area of ​​1,905 m2, a wellness area (spa) with gym, changing rooms, indoor pool, restaurant and bar.

The process for Troodos University is in its final stage

In addition to the above investments, the process for Troodos University to proceed in cooperation with the government is also in its final stage.

The aim of the Troodos University, which will have a non-profit character, is the revitalisation of the countryside, with the creation of five schools in five communities, with the cooperation of five different high-level universities from abroad.

The Rectorate of the University will be located in Pano Platres and the School of Hotel Management (Hospitality) and Tourism will be established in the communities of Kato Platres and Moniati.

The mountain resorts of Cyprus are flourishing

Papadopoulos also mentioned that efforts are being made in Platres to begin the process for the creation of a large parking area, in order to cover additional needs.

Also, the sewer has been upgraded, as well as the water supply network.

"We have proceeded with a series of upgrades so that we, as a Community Council, are ready in light of the new conditions to serve these large developments that are being promoted," he stressed.

At the same time, he pointed out that these developments, combined with the upcoming return of the legendary Berengaria to Prodromos, are actions that strongly upgrade all of Cyprus' mountain resorts and contribute to their regeneration.

"It is an extension of Platres and it will move forward. History is repeating itself. As in the past, the development started from Platres and extended to Prodromos, Pedoulas, Kakopetria, etc...", he concluded.

(Source: InBusinessNews)