MHV Mediterranean Hospitality Venture Plc, owner of several premium hotel and commercial properties in Cyprus and Greece, listed 120 mln shares on the Cyprus Stock Exchange, placed in the Emerging Companies Market (ECM).
The trading price of the shares, which were admitted on Tuesday, was set by advisors Cisco at €3.22, with the company’s market cap estimated at €387 mln.
“This is a major listing and a great vote of confidence for the CSE,” the bourse’s director, Nicos Tripatsas, told the Financial Mirror.
“The ECM sector is doing very well, and we are seeing on average 6-8 listings a year in this category,” he said.
He added that diversification is needed into more products, such as bonds and other financial instruments.
As of 30 June 2023, MHV had assets worth €382 mln, including the Landmark in Nicosia, Parklane in Limassol, a 50% stake in Aphrodite Hills Resort in Paphos, the Nikki Beach in Porto Heli and other properties.
It recently purchased part of the Porto Paros hotel in Greece.
MHV was established in 2018 by Prodea Investments, formerly NBG Pangaea Real Estate Investment (REIC), to take over the Cyprus Tourism Development Co., owner of what used to be the Cyprus Hilton, later renamed the Landmark.
Prodea remains a major shareholder with a 25% stake.
The other shareholders are Ascetico (54.9%), Flowpulse (19.9%) and other minority shareholders.
The Landmark Nicosia is undergoing a major €82 mln redevelopment and repositioning for the construction of an office tower and the renovation of the Landmark Nicosia.
Following a franchise agreement signed in August with Global Hospitality Licensing S.a.r.l., the Landmark Nicosia will join the Marriott “Autograph Collection” upon opening.
Construction work currently underway includes a 16-storey office building and a 17-floor residential tower with 53 apartments and underground parking; the two towers are due for delivery in March and April 2025.
When completed, it will have an overall view of the entire capital.
MHV’s CEO is Charis Michael, who held various positions within Hilton Hotels & Resorts for 15 years and served as Managing Director of Parklane Limassol, a member of Marriott International, and Managing Director of The Landmark Nicosia.
