Katari Hospitality consortium offers €41 million for Valletta’s Evans Building

Six bidders have submitted offers to take a 65-year concession on the iconic Evans Building in Valletta to convert it into a five-star hotel, The Shift can report.

A joint venture named Katari Hospitality placed the highest bid of €40.7 million, which was closely followed by a €39.3 million offer from Iconic Hotel Malta in conjunction with Nobu.

It is not yet known which companies or individuals are involved in the consortia, although sources have informed The Shift that they include leading developers.

Other bids submitted included HV Hospitality (€24 million), AX Group (€22.6 million), SeaBank Hotel and Catering Ltd (€20.9 million) and Valletta Luxury Properties (€20.9 million).

The government had issued a request for proposals last November.

The concession is being managed by an agency within the Office of the Prime Minister – Malta Strategic Partnerships Projects Ltd, better known as Projects Malta, which had been involved in a number of scandals under the Joseph Muscat administration.

The closing date for the bids had been extended at the 11^th hour last week, due to a “technical problem” and bidders were given extra time to prepare their final submissions.

The evaluation will not be based completely on the price but other important elements, including the project’s overall quality, will be also taken into consideration by the evaluation board.

According to the request for proposals, the successful bidder bid will need to put up at least €13 million in initial investment in the project.

The government wants the winning bidder to finish the project within 27 months of the required permits being issued by the Planning Authority.

Originally built as a medical school for the University of Malta and inaugurated in 1959, the building was later turned into government offices and has been left in a dilapidated state for years.

Architectural features dating back to the times of the Knights of Malta are located beneath the building’s grounds and will need to be restored as part of this project.