Scordis, Papapetrou & Co LLC advises Kanika Group and Amathus Group on the multimillion-euro sale of KA Olympic Lagoon Resort Limited to Blackstone Inc
Scordis, Papapetrou & Co LLC is pleased to announce that it has acted as legal counsel to Kanika Hotels Ltd and Amathus Limited in connection with the successful multi-million sale of KA Olympic Lagoon Resort Limited, owner of the 5-star Olympic Lagoon Paphos, to New York Stock Exchange-listed Blackstone Inc.
The transaction also involved the reacquisition of the resort’s management by Kanika Group pursuant to a new long-term management agreement. The deal, which was completed earlier this month, constitutes a landmark and an extremely important transaction for the Cypriot hospitality sector and the first ever real estate investment of Blackstone in Cyprus. Blackstone Inc is the world’s largest alternative asset manager, with more than $1 trillion in AUM. Kanika is one of the leading operators in Cyprus, managing five top-tier resorts across Paphos and Ayia Napa (Famagusta) under two brands: Olympic Lagoon Resorts, focused on families and couples with an all-inclusive offering, and MadeForTwo Hotels exclusively for adults.
The SP&Co team was led by Constantinos Adamides (Partner) joined by Omiros Klappis (Senior Associate), Michaela Aristotelous (Senior Associate), Dimitris Spiliotis (Senior Associate), Stavriana Charalampous (Associate) and supported by other members of the firm.
This transaction further solidifies SP&Co’s position as a key and leading legal advisor in major Real Estate transactions and M&A projects involving Cypriot based hotel & retail businesses with a proven track record including the landmark multi-million:
- 2025 investment in a major fund focused on the hospitality and real estate sectors in Southern Europe.
- 2025 equity investment in the German Oncology Center, Limassol.
- 2024-2025 acquisition of Superhome Center DIY.
- 2024 acquisition of the historic Forest Park Hotel in Platres, Limassol.
- 2021 sale of Parklane, a Luxury Collection Spa & Resort in Limassol.
- 2017-2018 investment project for the Park Tower in Limassol.
- 2015-2017 infrastructure investment project for City of Dreams Mediterranean in Limassol, the first casino resort in Cyprus.
- 2015 Build-Operate-Transfer (BOT) investment project for Amavi, a Made For Two Hotel in Paphos.
- 2014 sale of Alexander the Great in Paphos and the reacquisition of the hotel’s management by its previous owner.
- 2013-2014 controlling acquisition of the then Le Meridien Limassol Spa & Resort in Limassol and its subsequent Marriott rebranding.
SP&Co is proud to have facilitated another pivotal transaction that further strengthens Cyprus as an attractive and reputable location for international investments.