Legal challenge follows auction of Protaras hotel complex

The Pola Costa Beach Hotel Apts in the Pernera area of Protaras has been acquired by the Cyprus Bank Employees’ Welfare Fund (TETYK) following an auction. The former owner has filed a court case seeking to annul the auction process. The hotel complex has been sealed, and the former owner has vacated the premises. Plans are underway to conduct an equipment count, which the previous management claims remains their property. The auction was triggered by a loan debt of €605,000, which reportedly accumulated over several months rather than being a long-term non-performing loan. Some of the debt was linked to recent renovation financing for the restaurant, which had been closed during construction. The final purchase price of the hotel was €5 million, compared to a reserve price of €1.9 million. The hotel had previously remained closed due to public construction works in the area, although a café on the property had continued to operate.