Corinthias strategy to focus
on city-centre hotels may lead to decision on Mistra Village
It was a very technical statement, the one issued by Corinthia Finance
plc on Monday. But in simple words the company announcement confirmed
well-founded rumours that have been doing the rounds for the past few
weeks that the company intends selling Mistra Village.
The company announcement stated that the Group was focussing on acquiring
city centre hotels and reducing its exposure to resort properties.
Contacted yesterday by The Malta Financial and Business Times, a company
spokesman would not confirm whether Mistra Village was up for sale but
said that "nothing has yet been concluded."
Corinthia runs five hotels in Malta; the Corinthia Palace in Attard,
Jerma in Marsaskala, the Corinthia Marina and San Gorg in St Georges
Bay and Mistra Village in Xemxija.
The Corinthia San Gorg is the only one owned by Corinthia subsidiary
IHI (International Hotels and Investments), which also owns city-centre
hotels in Lisbon, Budapest and St Petersburg.
The company announcement said that the Corinthia Group, over the last
five years had been going through a process of strategic repositioning
"In line with this strategy, the Group is currently evaluating
opportunities that arise for the purpose of realising assets which do
not fall within its strategy in substitution for investment assets which
are consistent with the continuing strategy," the statement said.