A South African is selling looking for an investment buyer

A hotel in shell form ( needs to have all the finishes done) is up for sale

Having a superb location, 2 blocks off from the main square in Valletta , the capital of Malta, the 50 Old Bakery Street hotel is perfectly situated to allow guests easy access as it’s entrance is on one of the few roads that allow cars

It does come with a bit of history, while excavating, 17th century coins have been found and an unexploded bomb from World War II. These have all now been removed but an underground well has also been discovered.

It has all permissions and plans passed for the following:

  1. 19 Rooms
  2. Able to build 2 floors extra up from the present roof.
  3. 2 restaurants, 1 on the roof and one in the basement
  4. Swimming pool on the roof
  5. Wine cellar in the basement
  6. Lift shaft already built
  7. Water connected
  8. Electricity wired and connected

The coronavirus (COVID-19) pandemic hit travel and tourism hard in 2020 and 2021.Hopefully tourism this year will again hit the numbers pre pandemic.

Malta hosted just over 968,000 tourists last year, representing an increase of 47% from 2020 levels but still a far cry from pre-Covid levels.

According to National Statistics Office figures, Malta had hosted 2,753,239 tourists in 2019 before the pandemic wreaked havoc on travel. The number was reduced to less than a quarter – 658,567 – in 2020, before increasing to 968,136 last year.

The increase in tourist expenditure was even more marked: tourists spent an estimated €870.7 million on Malta trips last year, including travel costs, an increase of 91.3% when compared to the €455.1 million spent the previous year. But once more, the number is dwarfed by pre-pandemic figures: expenditure had reached an estimated €2.22 billion in 2019.

The average length of stay continued to increase, reaching 8.7 nights last year, up from 7 in 2019 and 7.9 in 2020. Tourists spent a collective 8.39 million nights in Malta last year, an increase of 60.5% over 2020 figures.

85.1% of last year’s tourists stayed in rented accommodation, with 64.3% opting for hotels or other forms of collective accommodation while 20.8% sought other arrangements. The remaining 14.9% did not require rented accommodation during their stay.

Once more, the UK accounted for the lion’s share of Malta’s tourists (22.8%), followed by France (12.5%), Germany (10.0%) and Italy (8.3%).

Around 70.8% of tourists hailed from the EU, while the remaining 29.1% hailed from non-EU countries: the latter’s share has increased considerably since 2020, though this development is due to Brexit, not the pandemic.

Original article : https://bit.ly/3C3frPs


If you have an interest, please contact me on. mandy@maltainvest.co.za or cell number 083 264 2281 for me to arrange a meeting with the seller.

The photos are all an artists impression of what the hotel can look like