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Charlot Zahra
One of Malta’s major five-star hotels, Le Méridien Phoenicia, has been sold to Irish hotel operator Heuston Hospitality for an undisclosed sum of money, BusinessToday has leant.
The deal was brokered by British property negotiator Christie + Co on behalf of Starman UK Services Company Limited, the hotel’s current owners.
Specialising in the luxury four and five-star hotel market, Heuston Hospitality is a privately-owned, Irish hotel operator, with a number of hotels and developments in the US, UK, Italy and the Caribbean.
On signing the deal CEO Peter Stephenson said: “The Phoenicia, with its unique style and appeal, is a perfect fit for Heuston’s growing portfolio of highly individual properties aimed at the premium sector.” This deal followed the group’s first UK acquisition, Oakley Court Hotel, Windsor, also through Christie + Co.
After attracting a considerable amount of interest from UK, international and local investors, a deal was agreed on this world famous 136-bedroom hotel to Heuston.
Jeremy Jones, Christie + Co’s Director of Corporate Hotels comments: “We received offers from a whole range of buyers drawn to this renowned hotel in Malta and we are extremely pleased to have been able to act for Starman UK Services Company Limited in this high profile disposal.
“With Malta’s entry into Euro zone in 2008 and the new owners expected to invest heavily in improving the hotel, we envisage that the Phoenicia will prove to be a very sound, long-term investment,” he said.
Starman UK Services Company Limited is a joint venture, owned by Starwood Capital LLC and Lehman Brothers Holdings. In 2005, Starman Hotels acquired the former Le Méridien leased and owned estate, as well as Le Méridien’s hotel management and franchising business.
The group comprises a number of renowned hotel and leisure assets across Europe and is focused on driving the growth of this portfolio through further investment.
Felicity Black Roberts, Director of Property at Starman commented: “We are very pleased to have been able to deliver an attractive return for our shareholders with the sale of Le Méridien, Phoenicia. We are confident that, through Heuston’s investment and its experienced management team, The Phoenicia’s position as Malta’s best known hotel will only be enhanced in coming years.” |
