Ivan Stivala, Chairman of Stivala Group, stated that the company is awaiting the outcome of the appeals process concerning the Chalet project, with the intention of “restoring it to its former glory and making it again a vibrant centre of Sliema life”.
Stivala Group is active in the areas of property letting, development, and hospitality, owning and leasing a number commercial, residential, and office properties, mainly in Gżira or Sliema. These include various apartments and hotels, namely Bayview Hotel, Blubay Apartments, Blubay Suites, Sliema Hotel, Azur Hotel, and ST Tower.
Mr Stivala’s comments came as part of the group’s Annual Report and Consolidated Financial Statements for the financial year ending 31st December 2024.
In the report the group registered a consolidated pre-tax profit of €44 million, a substantial decrease of approximately 40 per cent compared to the €73 million achieved in 2023.
In his comments, Mr Stivala said that 2024 was an important year, also because of the Government’s public call to regenerate the Old Fish market in Valletta.
“Our aim is to use state of the art technologies to make this project an iconic destination achieving the highest levels in the global market,” he said.
Looking back at the group’s achievements in 2024, Mr Stivala also mentioned the ST Tower in Ta’ Xbiex, the first high-rise building for which the group was responsible “from concept to delivery”.
Plans for 2025
Looking ahead to 2025, Mr Stivala commented on the new Novotel hotel in Gzira, a four-star, 300-room property which will mark the first time the international brand operates in Malta.
He also highlighted the Accord Mövenpick-branded hotel, which will replace the already-existing ST Sliema Hotel. With works planned to begin this year, the new 15-storey hotel, four-star hotel, will include a large pool, gym and spa area on the site currently occupied by the Prince of Wales Apartments block on Manwel Dimech Street, as per the currently approved plans.
Mr Stivala also pointed out the project which will run in-parallel, regarding the demolition of a site in Valley Road Msida, which will make way for a new office building, further expanding the group’s office leasing portfolio.
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