Bank Employees' Welfare Fund reportedly acquires hotel in Protaras

The Bank Employees' Welfare Fund of Cyprus (TETYK), operating under the ETYK union, has reportedly acquired the Pola Costa Beach Hotel Apts in the Pernera area of Protaras. The property had been closed for an extended period and was previously listed for auction by the Bank of Cyprus with a reserve price of 1.968 million euros. While the exact final purchase price has not been disclosed, local sources indicate the transaction has been finalized. The hotel is situated in the Paralimni-Deryneia municipality, adjacent to an existing ETYK-owned holiday apartment complex near Pernera beach. The site is located approximately 850 metres north of the Protaras-Cavo Greco avenue. To date, representatives from TETYK have not responded to requests to confirm or comment on the acquisition. Media outlets report that information regarding the deal was shared with local authorities, despite the lack of public confirmation. This investment follows a similar purchase of land in Paphos by the fund.