Louis Tourist Agency, a branch of Cyprus's largest tourism group, bought a majority stake in the Cyprus Hilton Wednesday for 22.63 million Cypriot pounds ($33.95 million).
LTA, which is part of the Louis Tourist Organization, acquired the state-owned Cyprus Tourism Development Company's 81.33 percent of the Hilton by purchasing its 2.44 million shares.
"This important enterprise is being transferred to the hands of people who are the creators of Cyprus tourism," said Commerce Minister Nicos Rolandis during the share transfer ceremony at the Hilton.
"I've said it many times, and I repeat it again that a competitive economy means primarily that the state should stop playing the businessman and concentrate on its vital social mission," he added.
LTA said previously that there would be no layoffs at the five-star hotel. - (AFP)
Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
