On Friday, International Hotel Investments plc announced that it acquired the remaining 50 per cent share in Golden Sands Resort at a total expense of €13 million.

International Hotel Investments, the parent company of Corinthia Hotels Limited, considers its full ownership as an important strategic decision in its consolidation of business interests in Malta.

The acquisition of Golden Sands Resort in its entirety will create efficiencies in existing operations and provide a stronger platform towards positioning the resort as a major destination in the five-star beach resort segment, the company believes.

The takeover is pursuant to the acquisition of Bezemer Limited.

International Hotel Investments commented that it was able to acquire the other half of the business due to the resort’s financial difficulties, caused by the pandemic which “has caused significant challenges to companies worldwide”.

International Hotel Investments acquired its first half of the resort in 2015, in the form of a 50 per cent share of the Azure Group when it took over Azure’s parent company, Island Hotels Group.

In May 2020, Azure, which sold timeshares at the resort announced it had exhausted its allocation of timeshare at the resort and that as such, it would be liquidating Azure Services ltd, which was responsible for the sales function of the timeshare operation.