July 23, 2026
In the heart of Limassol’s Neapolis district, where the iconic Curium Palace Hotel once stood, a 54‑metre tower (actually 55.5 metres including roof‑top chiller points) is now set to rise. Behind this transformation lies a complex network of corporate structures linking the Halcon Investment SICAV (a Liechtenstein‑based alternative investment fund for professional investors, structured as a variable‑capital investment company under the management of ONE Funds AG, hereinafter “Halcon”) to a Cypriot administrative vehicle — Vadonas Services Ltd. — which is administered by GIF Capital Limited, where nominee director Fotoula Savva appears on the company register. This administrative company we have previously identified as part of the business orbit of Konstantin Sokolov, the American‑Russian businessman behind the newly renamed Sokolov Executive MBA Program at Chicago Booth.
A Hotel That Couldn’t Be Saved
The Curium Palace Hotel, opened in 1948 and designed by the renowned Austrian architect Benjamin Günsberg — who also designed the Ledra Palace in Nicosia — was a landmark of neo‑monumental Cypriot modernism. For decades, it hosted weddings, conferences, and generations of visitors. Its closure in 2022 triggered one of Limassol’s most contentious urban planning battles.
The Cyprus Architects Association, together with heritage activists, demanded that the Ministry of the Interior and the Limassol Municipality list the building as a protected monument. They argued that the hotel, with its distinct mid‑century character, was inseparable from the city’s identity.
The developer, however, moved quickly. A demolition permit was issued on 17 February 2023 — after the municipality was warned that rejecting the demolition without legal grounds would expose the city to multi‑million‑euro lawsuits. By summer 2023, the hotel was gone.
The destruction drew public anger. One Limassol resident, Andreas Anastasiou, wrote on social media: “I was driving past and saw them demolishing it… I grabbed one of the window frames they were loading into the truck and drove home with it. I hung it above my door to remember this ornament of Limassol.”
The Developer: Curium Palace Hotel Ltd.
The legal entity behind the redevelopment is Curium Palace Hotel Ltd. — the same company that had owned the hotel since its incorporation in 1963. The real owners, the Timinis family, had operated the hotel openly for decades, without nominee structures.
Today, according to the Cypriot company register, the company’s director is Fotoula Savva, and the secretary is GIF Management Limited, with the registered office listed at 71, Lemesou, Flat/Office 201, Aglantzia, Nicosia. GIF Management is part of the GIF Capital network — a licensed corporate services provider that has previously been identified as administering a cluster of Cypriot companies that received tens of millions of euros in loans from the Halcon Innovation Fund.
The administrative shift suggests that while the Timinis family may retain a beneficial interest, operational control was transferred to the GIF network, which our sources associate with Konstantin Sokolov’s broader business interests in Cyprus.
The Holding Structure: Vadonas Services Ltd.
Ownership and project execution are channelled through Vadonas Services Ltd. — another Cypriot company registered at the same address, with director Fotoula Savva and secretary GIF Management Limited, both entities operating under the GIF Capital Ltd umbrella. Vadonas is listed as a borrower in the Halcon 2025 annual report, with loan receivables exceeding €910,000. Yet the fund’s equity stake in Vadonas is valued at just €1 — a clear indication that Halcon does not own the development outright but participates primarily as a creditor.
“Vadonas Limited is a company based in Cyprus. The main purpose of the company is the development of property. It is planned to build a commercial building with shops and offices.” — Halcon Fund Annual Report 2025
Halcon also extended a separate loan of €1.49 million to Curium Palace Hotel Ltd. on 18 January 2023 — funds that likely financed the demolition and early design phases.
Summary. The Key Players:
Halcon Investment SICAV Liechtenstein based umbrella fund
Halcon Innovation Fund Sub fund, lender, owner of AMIO Bank
Curium Palace Hotel Ltd. Landowner and borrower (GIF administered)
Vadonas Services Ltd. Project holding company (GIF administered)
The Project: “Kourio” – 13 Storeys, 54 Metres, €22 Million
In October 2025, the project — now branded “Kourio” — received environmental approval for 13-storey business complex combining commercial and office space. The estimated construction cost is €22 million, with a build time of about 30 months once all permits are secured.
The name Kourio refers to the ancient city‑kingdom of Kourion, one of Cyprus’s most significant archaeological sites — a marketing choice that ties the tower to the region’s historical prestige.
At 54 metres, the building will overlook the surrounding low‑rise city. From the upper floors, the Mediterranean becomes visible. Office floors are valued at €8,000/m²; sea‑view apartments (if they unexpectedly appear on one of the floors) can command €10,000/m² or more. The height is not merely architectural — it is a financial lever.
Key project specifications:
Parameter Value
Plot area 3,339 m²
Project coverage 1,204 m²
Height 54 metres
Storeys 13 above ground + 1 underground
Office area 6,075 m²
Commercial area 210 m²
Underground parking 2,817 m², 79 spaces
Ground floor parking 24 spaces
Project structure (as described): Ground floor, Mezzanine, Mechanical floor, 9 office levels, 2 residential levels (assumed), Underground level.
The total building area, including underground and mezzanine levels, amounts to 11,582 m². With declared investments of €22 million, this translates to approximately €1,900 per square metre — a figure broadly in line with market averages for similar developments in Cyprus.
Even if only the 6,075 m² of office space is sold, at current market rates (at least €8,000/m²) that alone would generate at €48 million+.
It is important to consider, that the site is located within Geological Suitability Zone 02, an area susceptible to geohazards that may affect structural safety. As required under EIA guidelines, all developments in this zone—except those up to two storeys without basements or pools—must undergo a geological/geotechnical study before a Building Permit is issued.
The Architects and the Controversy
The environmental impact assessment was prepared by ALA Planning Partnership Consultancy LLC — a firm that also played a key role in drafting Limassol’s Sustainable Urban Mobility Plan (SUMP). ALA’s director of environmental sector, Achilleas Kalopedis, has confirmed that the permitting process is ongoing.
While a 54-metre building completely obliterates the area’s standard four-storey limit, the developers smoothly bypassed local zoning headaches. By conveniently filing the tower under Category 10(b)iii of the Environmental Impact Assessment Laws, they successfully shifted the approval process out of the hands of local municipal authorities in Limassol and straight to the central Department of Environment in Nicosia. In the wonderful world of Cypriot urban planning, it turns out that if local bureaucrats won’t let you build a skyscraper, you just bypass them entirely through a higher office to secure a legal ‘deviation’.
While the site holder remains Curium Palace Hotel LTD, media reports from late 2024 identified Property Gallery—a leading Cypriot developer with 24 years of experience and over 50 international awards—as the project’s initiator. The company, led by CEO Lyra Amvrosidou, was publicly associated with the scheme at its early stage. Whether Property Gallery remains actively involved in the development today is unclear from the available records. However, their established track record in sales and marketing of premium commercial real estate in Cyprus suggests that, even if they have stepped back, their expertise may have shaped the project’s commercial viability and positioning.
Final Thoughts
For now, one thing is clear: when a piece of Limassol’s history was demolished to make way for a 54‑metre tower, Halcon’s money was there to get it started. If the Kourio project reaches completion, it will be the first fully realised real‑estate development in Cyprus directly connected to the network that surrounds Konstantin Sokolov — a figure who has been linked to Trump family associates and whose name now adorns a Chicago Booth executive program. We will return to this story in three years.
Credits:
- Key source – article “Στα σκαρία πολυώροφη ανάπτυξη στη Λεμεσό – Θα ανεγερθεί στη θέση του πρώην Curium Palace (εικόνες)”: https://inbusinessnews.reporter.com.cy/article/443480/sta-skaria-polyorofi-anaptyxi-sti-lemeso-tha-anegrthei-sti-thesi-toy-proin-curium-palace-eikones
- https://www.cbn.com.cy/article/121608/-22m-multi-storey-development-in-limassol-in-the-pipeline
- https://inbusinessnews.reporter.com.cy/article/363924/gafeiaki-kai-emporiki-anaptyxi-ston-choro-toy-proin-curium-palace-apo-tin-property-gallery
- http://knews.kathimerini.com.cy/en/news/1-green-light-for-%e2%82%ac22m-kourio-office-and-commercial-development-in-limassol