The new ME Hotel at Mercury Towers is due to open by June 2024, according to its Board of Directors, marking a major step towards the completion and full operation of the project.

In the directors’ report in Mercury Projects Finance’s annual report, the directors state that the hotel, operated by Meliá Hotels International, is expected to start operations during the second quarter of 2024.

Meliá Hotels International is a major international hotel chain. It was founded in 1956 and has since grown to count more than 380 hotels in 40 countries in its portfolio.

Mercury Projects Finance plc is the finance arm of the group behind the Mercury Towers Hotel, ultimately owned by major developer Joseph Portelli.

The finance vehicle has raised money from three bond issues, with €72 million in outstanding bonds, set to mature in 2027, 2031 and 2032 respectively.

Mercury Projects Finance plc is owned by Mercury Towers Ltd, which is also the parent company of Mercury Hotel Ltd, Mercury Car Park II Ltd, and Mercury Commercial Mall Ltd.

These subsidiaries’ objectives are to own, develop and operate different areas of the Mercury Towers project.

During 2023, the group launched operations of the car park and the commercial mall.

Mercury Car Park II now owns 93 per cent of the car park after completing the acquisition of a large part of it for €9 million in 2023. Now, there are only 28 parking spaces that remain in third-party ownership.

The commercial mall and entertainment area was transferred from Mercury Towers Ltd to Mercury Commercial Mall Ltd in December 2023. At the same time, Level 0 and Level 1 of the Podium were transferred to Mercury Commercial Mall Ltd.

The residential portion of the tower, forming part of the first phase of the project, is almost completely finished, with apartments and other areas being handed over to their new owners gradually. There are no units available for sale in the Mercury Tower, according to the company.

Finishing of the commercial areas of the tower are in their advanced stages and are expected to be completed by Q3 of 2024.

To date, the funding of this project is mainly emanating from proceeds of units sold which stand at 100 per cent of total units for sale after the approval of the additional floors for the tower, and 98 per cent of total units for sale within the peripheral block.