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Investor reaches deal with Larnaca mayor over luxury hotel
April 24, 2018
Amendments made to the agreement between a Russian investor who plans to build a five-star hotel at the Phinikoudes beach and the Larnaca municipality are subject to approval by the cabinet, the town’s mayor said on Monday.
“This is a complementary agreement between the two sides, which concerns the new terms of repayment by the investor for the municipal unit located on Athens avenue which he bought. The supplementary agreement was forwarded to the ministry of the interior to be presented to the cabinet for ratification,” Larnaca mayor Andreas Vyras said.
He explained the agreement sets new terms for the investor, giving him time to pay the outstanding €3.5 million for the building until January 2019. It also provides the final plans for a town planning licence for the luxury hotel and public utilities on the coast for €1.2 million.