An auction of the once monumental and long-abandoned Berengaria Hotel in Prodromos failed to secure a buyer on Tuesday.
The reserve price was €2.360.000 and although there was interest from prospective buyers, they did not meet the price sought by the Bank of Cyprus.
There will be a new auction in three months, with a lower reserve price.
The sale covers 26,520 square metres of land and a building of 4,980 square metres.
Efforts by the hotel’s owners to find investors that would breathe new life into the hotel failed and it ended up in the hands of the bank.
Built 80 years ago, the hotel has 80 rooms in two wings, as well as additional sleeping quarters of 280 square metres and a 200 metre restaurant.