Close to to €50 million are to be invested by Island Hotels Group Holdings on the Hal Ferh complex creating 200 new jobs, it was announced this morning.

The complex, recently acquired by the Island Hotels Group Holdings for around €12 million, was this morning visited by Prime Minister Lawrence Gonzi.

The group 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 following the award of a public tender issued by the government last March.

Dr Gonzi said during the visit that the group’s proposed investment in the site was a sign of confidence in the country especially in these tough times.

Island Hotels 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.

It plans to commence development and construction works by early 2011.