[WATCH] IHI plans €400 million six-star complex for St George’s Bay

IHI plans €400 million six-star complex

Prime Minister Joseph Muscat has announced a €400 million injection in the economy, from International Hotel Investments plc.

Yesterday he signalled the multi-million investmet in an address to delegates attending the annual meeting in Malta of the UEPC – European Union of Developers and House Builders. “This is just another sign of the trust that the private sector is showing in our economy and the way forward is one of further economic growth and success,” he said.

The investment will come from International Hotel Investments plc, to merge the Radisson and Corinthia hotels at the St George's marina to create a six-star complex. The hotels will be knocked down to make way for two larger, and higher quality hotels to the level of the Corinthia London.

IHI said the development will develop close to 1,000 jobs in the hotels, residential and commercial sectors.

IHI has over €1 billion in property assets across Europe and the Mediterranean, as well as ownership of the Corinthia hotels brand and management company. in Malta, IHI owns the Corinthia and Marina hotels in St George's Bay and will soon acquire the Island Hotels Group, owner of the Radisson Hotel at St George's Bay.

The Corinthia and Radisson hotels sit on a plot of 76,000 metres squared. IHI will redevelop the combined site into a high-end destination with two luxury hotels, a beachfront resort, and a lifestyle hotel for corporate visitors. The development includes residential apartment buildings and commercial and retail activity.

IHI chairman Alfred Pisani said St George's Bay will become a premier address in Malta, "a beacon for our national aspirations in tourism and lifestyle accommodation."

Joseph Muscatthanked IHI for the company's confidence in Malta. "What we have seen today augurs well. There will be much to discuss and debate with the local authorities, but ultimately we are confident that Corinthia and its professional team, as well as the company's collective 52 years of experience, will make us proud, much as they have done Malta proud in many cities across Europe."