A five-storey 18th century Baroque palazzo on St Paul’s Street in Valletta is to be transformed into a luxury hotel, benefiting from a scheme that helps owners convert historical buildings into tourist accommodation.

Addressing a press conference at the palazzo, Culture Minister Mario de Marco said 21 people had applied for the Palazzini scheme from all over the island.

This scheme gives owners and developers administrative assistance to transform their property into Palazzini – a form of accommodation providing lodgers with a unique and authentic experience.

They will also be guided on what funds they can take advantage of, helped with business plans and feasibility studies.

These properties have to be a scheduled grade one or two building or situated in an urban conservation area.

Anna Lanczet, from the Malta Tourism Authority, said the aim of the scheme was to rehabilitate existing properties, excluding redevelopment and extensive extensions.

Dr de Marco said there were a lot of abandoned or uninhabited buildings in Malta with great historical and architectural value.

Those transformed into Palazzini would be offering a different experience to hotels in foreign countries. Architect Joanna Spiteri Staines said the owners of the Palazzo on St Paul’s Street want the new hotel to be a “home away from home”, drawing inspiration from its historical features.