Calypso Hotel shareholder is also acting as valuer of €22.7 million property

Alex Bigeni, the Gozitan architect with a shareholding interest in the company owning Gozo’s Calypso Hotel in Marsalforn, also valued the hotel and surrounding properties at €22.7 million, according to disclosures in BBT plc’s financial analysis summary.

The report identifies Bigeni & Bigeni Co. Ltd. as one of the shareholders in La Mer Limited, the company that owns the hotel, catering outlets, sports complex and adjoining land.

Elsewhere in the same document, it attributes the €22.7 million valuation, dated 30 September 2025, to Perit Alexander Bigeni.

The disclosures place Bigeni on both sides of the investment: connected to a company holding an ownership interest in the project and responsible for assessing the value of its underlying property. As The Shift previously reported, Bigeni is also the architect behind the proposed redevelopment.

The financial analysis summary does not explain how Bigeni’s financial interest was addressed in the valuation or whether another valuer independently reviewed the assessment. It does not explicitly describe his valuation as independent.

BBT acquired a controlling 55% interest in La Mer in April 2025. The remaining shares are held by Bigeni & Bigeni Co. Ltd., Elzan Properties Limited and OS Developments Limited, although the report does not disclose their individual stakes.

BBT is a property investment group whose largest shareholders are mega developers TUM Operations Limited, with 43.18%, and BT Group Limited, with 30.14%. Burmarrad Group Assets plc holds 17.21%, while V&C Investments Limited and V. & C. Developments Limited together hold 9.47%. Its wider portfolio includes Qormi’s Centerparc shopping complex, The Watercourse and San Gwakkin commercial properties in Mrieħel, the planned Northparc retail and entertainment development in Burmarrad, and a 50% interest in the company owning approximately 19,500 square metres of land in Żurrieq.

Earlier reporting on Fort Chambray identified businessmen from the same groups behind that separate development venture, including Ninu Fenech and his sons of TUM Invest, Oliver Brownrigg of BT Group, Mario Gauci of Burmarrad Commercials and V&C contractor Vince Borg, better known as Censu n-Nizz.

The Shift’s January Calypso investigation reported that the Bigeni brothers’ company held 10% of the project. It also reported the brothers’ family and consultancy connections to Gozo and Planning Minister Clint Camilleri.

That investigation described proposals to replace the existing hotel with three blocks containing approximately 141 apartments, commercial premises, underground parking and a smaller hotel of around 50 rooms.

The application is still at screening stage and the Environment and Resources Authority had requested a Project Description Statement. No progress has been made so far.

The later financial report gives investors substantially less detail about the proposed project. It describes the existing 110-room hotel and surrounding properties, referring to a related development project without setting out the proposed apartment component, future hotel capacity or completion date.

According to the financial report, La Mer acquired the hotel and surrounding properties for €21.4 million in April 2025. The Shift’s earlier reporting identified Michael Caruana, known as il-Billi, as an owner alongside Lombard Bank and Maurice Borg Enterprises.

Bigeni’s September valuation puts the assets’ value €1.3 million above the acquisition price. The financial summary does not reproduce the valuation’s assumptions or explain how planning prospects and the proposed redevelopment were treated.

The report also identifies significant bank financing: €15 million to fund the outstanding acquisition balance and an additional €9.3 million facility for development.