Six bidders have submitted offers to take a 65-year concession on the iconic Evans Building in Valletta to convert it into a five-star hotel, The Shift can report.
A joint venture named Katari Hospitality placed the highest bid of €40.7 million, which was closely followed by a €39.3 million offer from Iconic Hotel Malta in conjunction with Nobu.
It is not yet known which companies or individuals are involved in the consortia, although sources have informed The Shift that they include leading developers.
Other bids submitted included HV Hospitality (€24 million), AX Group (€22.6 million), SeaBank Hotel and Catering Ltd (€20.9 million) and Valletta Luxury Properties (€20.9 million).
The government had issued a request for proposals last November.
The concession is being managed by an agency within the Office of the Prime Minister – Malta Strategic Partnerships Projects Ltd, better known as Projects Malta, which had been involved in a number of scandals under the Joseph Muscat administration.
The closing date for the bids had been extended at the 11th hour last week, due to a “technical problem” and bidders were given extra time to prepare their final submissions.
The evaluation will not be based completely on the price but other important elements, including the project’s overall quality, will be also taken into consideration by the evaluation board.
According to the request for proposals, the successful bidder bid will need to put up at least €13 million in initial investment in the project.
The government wants the winning bidder to finish the project within 27 months of the required permits being issued by the Planning Authority.
Originally built as a medical school for the University of Malta and inaugurated in 1959, the building was later turned into government offices and has been left in a dilapidated state for years.
Architectural features dating back to the times of the Knights of Malta are located beneath the building’s grounds and will need to be restored as part of this project.
Sign up to our newsletter Stay in the know
"*" indicates required fields
Judge expected to wrap up trial tomorrow
Comino hotel developer Hili raises BOV stake above 5%
Chris Bonett guilty of abuse, breach of ethics, Commissioner finds
Clyde Caruana’s election spending spree triggers fiscal warning
Tags
#concession
#Evans Building
#HV Hospitality
#Katari Hospitality
#Malta
#Malta Strategic Partnerships Projects
#Projects Malta
#Valletta
Other News
Judge expected to wrap up trial tomorrow
Comino hotel developer Hili raises BOV stake above 5%
Chris Bonett guilty of abuse, breach of ethics, Commissioner finds
Clyde Caruana’s election spending spree triggers fiscal warning
Corinthia losses widen to €17 million as net debt approaches €800 million
Minister’s father forced to remove online post bashing Miriam Dalli
Judge: Theuma’s pardon does not make his testimony automatically true
Government education agency mired in mismanagement, lacks audit trails
Yorgen Fenech verdict expected this week: What happens next?
HSBC refuses to pay €2.2 million to a Maltese company despite court judgment
Revealed: MTA sponsorship of Portelli’s SPAL to cost taxpayers €150,000
I believe they will bid to build the 5 Star Hotel as the permits will be given easily. Then when it is no longer viable it will be converted into luxurious apartments.
Concession being managed by the office of the Prime Minister…..no comments
Cheap considering Silvio Schembri paid 34 million for offices in Zejtun on top of Mercieca electricians
Paid in RENT for a SHELL building in Zejtun 34 million, and selling or rather stealing public property. As usual same like Portomaso, small hotel
and hundreds of apartments and offices sold or rented for millions of Euros. Silvio Schembri, Clayton Bartolo, the new Konrat Mizzi !
I would prefer to give it to a firm of local hoteliers albeit a lower land offer price subject to the durability and economic performance of their hotel concept idea. Their investment and return of such investment will be extensively higher alongst the years. Investment Strategies in Tourism, Travel & Hospitality should be revamped in coming years
Yes precedent started with the mgarr Hotel in gozo