Palazzo Vittoriosa is being converted into a "five star boutique accommodation" by a Dutch couple, Remco and Jessca Slik.
"We chose Vittoriosa because we believe it is the kind of place tourists would like to stay in. It is rich in history and has beautiful scenery and unique streets. Its position in Grand Harbour is also a plus," Mr Slik told The Times Business.
"Vittoriosa is still truly Malta, as opposed to the concrete developments that most tourists stay in now. Obviously the other developments like Grand Harbour Marina and the waterfront restaurants add a lot of value for our future clients too."
Located on Hilda Tabone Street, Palazzo Vittoriosa will offer five rooms to clients: three double suites and two single rooms. It will also be possible to book the whole Palazzo.
"We are going to be a five star operation, so we are aiming for the high end of the market. We will target individual travellers who have visited many luxurious places before and who are after an individual unique experience, as well as people who have an interest in culture and the arts," he said.
Mr Slik says he will aim for niche markets and will co-operate with third parties as resellers but the main focus will be on e-marketing.
He says Palazzo Vittoriosa will be "completely different" from hotels because guests "will literally stay with us at our home". Apart from that, he says, Palazzo Vittoriosa will be the ultimate in exclusivity; it will never be a busy place, but always very private, secluded and intimate.
"We will offer an individual experience. The level of finishings, features, decoration and service will be unmatched," he said, adding that the facilities they are going to offer are "extensive".
In fact guests staying in the suites can enjoy an extra large kingsize bed, a pillow menu, a double wash hand basin, a double jacuzzi, double showers, TV, DVD, an Ipod docking station, wireless internet, a designer finish and original works of art.
The single rooms will have an extra large single bed, a pillow menu, TV, DVD,an Ipod docking station, wireless internet, a designer finish and original works of art.
Furthermore guests will be offered the use of a sauna, steam room, gym, beauty treatment room, outdoor jacuzzi, outdoor pool, lounge / sun deck, outdoor kitchen, court yard, covered terraces and a fully equipped entertainment room with juke box, home cinema, espresso machine, and lounge sofas.
"The Grand Sala Nobile will be a retreat for guests where they find an extensive international library, a fire place for winter and a quiet place to read or just sit and relax.
"The list with facilities and services available goes on, but the most important thing is we will organise anything a client wants. Everything will be tailor made, nothing standard. Every guest will get the VIP treatment. Truly five star in every detail."
Another unique characteristic of the Palazzo will be the cultural and art events.
"Artists and scholars from all over the globe will stay with us, and they'll be involved in workshops, lectures, master classes and exhibitions. This will add to the experience for our guests."
Although technically Palazzo Vittoriosa will not be a "hotel" as it will not offer a bar and restaurant - the legal requirements for a hotel - in reality it will offer all "hotel" services, Mr Slik said.
"We will operate under a guesthouse licence, but we prefer to call ourselves a bed and breakfast or boutique accommodation."