Building for sale in Poli Chrysochous, Paphos

IMPORTANT NOTICE This is a direct sale of a mortgaged property, in accordance with article 44H (3) of the Immovable Property (Transfer and Mortgage) Law of 1965, as amended from time to time. Please note that: (a) only offers that exceed the reserve price shall be reviewed; and (b) the mortgagee shall not pay any real estate agent’s fees. If a prospective purchaser appoints a real estate agent, it is their obligation to pay the real estate agent’s fee. The 2-star Marion Hotel is located at a lively and central location in Polis Chrysochous Municipalities in Paphos District, at a distance of 350 meters (approx.) southeast of Town Hall and 80 meters (approx.) northeast of “Papantoniou” supermarket.The property is situated close to all necessary services and amenities such as supermarkets, shops, cafes, schools etc. In addition, the property enjoys excellent access to the neighboring communities and the beautiful beaches of the area.The level of construction and maintenance of the property Is good.The hotel Marion Hotel  is located on Arsinois Avenue and it consists of 52 rooms. In addition, it comprises of a restaurant, bar, private parking space, swimming pool and others.The total interior area of the rooms is about 1,900 sq.m., the ground floor about 900 sq.m. and the basement about 900 sq.m.An important advantage of the hotel is the fact that the tourism industry is thriving, with the demand for hotel rooms increasing every year.Furthermore, the property has the prospect to be converted into a boarding or special needs school, a block of apartments etc.It is considered as an appealing real estate investment opportunity. Tenders submitted for an Amount below the Reserve Price shall be rejected. THE CLOSING TIME FOR TENDER SUBMISSION IS 10:00 AM EVERY TUESDAY, UNLESS OTHERWISE SPECIFIED The Tenderer is exclusively responsible for conducting an inspection of the Property and to take all actions necessary to verify and / or be satisfied on the accuracy of the details of the Property (including planning particulars, boundaries a.o), and in addition to ascertain whether the sale of the Property is subject to VAT and the exact amount payable. In case of disagreement, it is the sole responsibility of the Tenderer to provide relevant evidence to satisfy Altamira Real Estate. The Terms and Conditions found on the Tender form must be carefully considered prior to submitting an Offer.  Any photographs, markings, outlines, or other design on the photographs are indicative and for illustration purposes only. All planning particulars or other features of the property must be checked with the relevant authorities. Altamira Asset Management Cyprus Ltd is not bound to accept the highest or any other offer submitted.  The above price may be modified without any prior notice. All information received from Altamira Asset Management Cyprus Ltd (through the website and / or its operators and / or otherwise) is indicative and no guarantee is given for its completeness and / or validity.  - - - - - - - - - - - - - District: Paphos Municipality: Polis Chrysochous Quarter: Polis Chrysochous