CYPRUS: Nicosia Hilton changes its name after buyout

New Greek owners of the Hilton Cyprus have decided to rename the capital’s only five-star hotel to The Landmark Nicosia.

The change of name and logo was expected as the new owners new owners – Invel and Pangaea – had decided not to cooperate with the previous managing company of the hotel to maintain the Hilton brand.

According to the company, the management and staff remain committed to maintaining the high-quality of service identified with the internationally acknowledged franchise.

Founder and CEO of Invel and president of Pangaea Investment Committee, Christoforos Papachristoforou, said: "Following the successive change in ownership, it is time for the most important hotel in Nicosia to regain the glory and prestige of the past: Invel and Panagaea are committed to the hotel’s rebirth with a long-term investment program that will tap into its unused potential. "

The emblematic hotel has been the reference point for the city for decades and serves as the meeting point for the island's business, political and diplomatic world,  facilitating professionals, by hosting large conferences on which its revenue is mostly based.

The hotel's 2017 revenues amounted to EUR 12 mln, continuing the upward trend of the past five years.

Profit before taxes, interest and depreciation amounted to EUR 3.5 mln in 2017 while profits for 2018 were estimated to be around EUR 3.8 mln.