Just one offer made in Selmun Palace Hotel sale

The Commissioner of Land has received one bid of just over €2 million for the purchase of Selmun Palace Hotel and the temporary grant of the majestic castle that adjoins it, The Times has learnt.

The hotel is owned by Selmun Palace Hotel Company Ltd, a fully-owned subsidiary of Air Malta.

It is being sold in line with Air Malta's declared strategy to divest itself of non-core operations and to focus solely on the airline business. In fact, one of the conditions is that the bidder for the hotel and the castle has to purchase Air Malta's entire equity in the company.

Selmun Castle, originally built by the Knights of St John in 1783, is being offered on a temporary emphyteusis for a period of 99 years against a ground rent of €70,000 a year. The castle houses some of the hotel suites as well as being the venue of weddings and other functions.

The sole bid received when the call for tenders closed on Friday came from a notary and his wife who made an offer of €2,012,556.

The Land Department intends to sign the contract for the sale of the property within three months.

Designed by Domenico Cachia in 1619, Selmun Palace is often perceived as the baroque version of Verdala Palace. It was the most important property of the Monte Di Redenzione, a pious foundation set up in 1607 for the redemption of Christian slaves in the Barbary States.

(More items in the News section)

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