Excelsior Hotel, Slipform sold for Lm1.77 million

By David Lindsay
Valletta’s long-idle Excelsior Hotel, the doors of which have failed to open for business despite successive bids by a line of investors, was sold this week by the 100 per cent stakeholders, Hong Kong’s Hopewell Holdings - run by entrepreneur Gordon Wu.
The idyllically-located hotel and another Maltese Hopewelll holding - Slipform Engineering (Malta) - have been sold off to former Hopewell executive director Stewart Elliott.
The two assets have been let go for what can be considered a paltry sum of USD4.25 million (approximately Lm1.77 million). However, Hopewell is also expected to recoup the estimated Lm1.8 million in loans made by a subsidiary to the hotel.
The move forms part of the infrastructure conglomerate’s strategic move to unload non-core assets and has also sold a Philippine tollway project worth Lm430,000 to Elliot, who retired in 1998.
As at the end of June, Hopewell had estimated net assets of the Excelsior, hovering in a state of suspended construction for years, and Slipform at just over Lm590,000. The asset disposal is part of an agreement between the company and Elliott to settle four lawsuits connected to the two projects since 1999.
"The firm will continue disposing of its non-core assets in an effort to focus on Pearl River Delta region development," Wu said yesterday in a statement.
Hopewell Holdings is one of the leading conglomerates in Hong Kong with diverse business interests spreading across property investment and development, highway infrastructure, hotels and hospitality, and construction in Hong Kong and abroad.