The KANIKA Group of Companies has announced that a subsidiary of the Group has signed, under terms and conditions, a long-term lease agreement for a plot of land, owned by the Cooperative Organization for the Distribution of Viticultural Products ( SODAP) Ltd., for a period of 66 years.
The agreement was signed on 21 January in Paphos by the Chief Executive Officer of KANIKA Group, Alexis Chrysostomou, and the Director of SODAP, Yiangos Tsivikos. Present during the signing ceremony were the Group Executive Chairman of KANIKA Group, Spyros Karaolis, the Chairman of the SODAP Committee, Nikos Savvides, as well as members of the Committee, as well as the legal advisors of both parties, Scordis, Papapetrou & Co LLC for KANIKA Group and E. Poulla LLC for SODAP.
The plot, which is located in a prime coastal area of Kato Paphos, has a total area of 41,160 square meters. In addition to the lease, the agreement provides for the construction and operation of a five-star hotel unit, with a capacity of at least 285 rooms.
(Source: InBusinessNews)
