LONDON (Alliance News) - C H Bailey PLC said Wednesday that it has acquired a residential property in Malta for EUR585,000, settled from its cash resources, and intends to turn it into a boutique hotel.
The property is a townhouse in central Valetta, the company said. It has existing planning consent but C H Bailer has requested an amendment and is currently reviewing its refurbishment budget. It expects refurbishment to take around eighteen months, and it plans to reopen it in late 2016 or early 2017 as a boutique hotel.
"This investment enhances our property portfolio in Malta and continues the growth strategy for the Group going forward," said Chairman Charles Bailey in a statement.
Shares in C H Bailey are trading down 2.3% at 210.00 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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