Island Hotels Group acquires Ħal Ferħ complex

Island Hotels Group Holdings plc recently acquired the perpetual emphytheusis over a tract of land of approximately 83,000 square metres adjacent to the Radisson Blu Golden Sands Resort and Spa as well as the shares in Ħal Ferh Company Ltd for circa €12 million.

This follows the award of a public tender issued by the government last March.

The group intends to develop the site through its newly-established affiliate, The Heavenly Collection Ltd, in which its partners in Golden Sands Resort Ltd also have a 50 per cent equity interest. This development will be a natural extension of the Radisson Blu Golden Sands Resort and Spa and will operate on a business model similar to the one currently in operation.

In the coming months, the group will draw up detailed designs and plans and work with Mepa to obtain the necessary permits within the context of the development brief already issued by planning authority for this site. The group plans to commence development and construction works by early 2011.

Commenting on the acquisition, group chief executive officer Winston J. Zahra said, "we are very excited about this new development. This acquisition will enable us to continue building on the success we have achieved at the Radisson Blu Golden Sands Resort and Spa and enable us to consolidate our position in this part of the island. We are looking forward to developing an attractive, environmentally sustainable product that will lift the overall tourism product."