Casino to build hotel on Vittoriosa waterfront

Port Cottonera Limited has agreed to transfer land on the Vittoriosa waterfront to Casinò di Venezia for the construction of a hotel adjacent to the casino.

The agreement was reached late on Tuesday night following negotiations that have been underway since March.

The agreement covers the transfer of the emphyteutical right, with government consent, of the land which Port Cottonera had been granted as part of the Cottonera project, for the remaining term of the 99-year lease granted to it in 1999.

The agreement was signed by Prof. Armando Favoretto on behalf of Casinò di Venezia and by John Ripard, Joseph Debono, Anthony Cassar and John Farrugia for Port Cottonera Limited, the Infrastructure Ministry said in a statement yesterday.

Prof. Favoretto said following the signing that the casino was very satisfied with the acquisition, which proved its commitment towards the Cottonera project.

This latest step is expected to accelerate the development of the Vittoriosa waterfront, which will also include a yacht marina, appartments and the restoration and rehabilitation of historical buildings which will serve commercial purposes.

Mr Ripard said he hoped the conclusion of the long and protracted negotiations would go a long way towards expediting the successful completion of the project.

Minister of Resources and Infrastructure Francis Zammit Dimech said a hotel on the Vittoriosa promenade would attract more tourists to Cottonera.

Casinò di Venezia is administered by the Municipio di Venezia.

A delegation of Venetian technical experts and entrepreneurs will visit Malta next week to study the technical and commercial aspects of the hotel project.