A planning application has been filed to redevelop the Mayfair Business Centre in Paceville into a “high quality 12-storey hotel,” Exalco Finance plc said.

Exalco Properties Limited, the guarantor of the €15,000,000 4% Secured Bonds 2028 issued by Exalco Finance, submitted the application.

The proposed Mayfair Hotel will be more than double the size of the existing Mayfair Business Centre, it said, “making full use of the property's standalone location, with surrounding terraces and premium architectural design features.”

Exalco Properties Limited is of the view that the current building no longer reflects the scale, character and typology of the surrounding developments.

“Following detailed feasibility studies and initial discussions with third party hotel management companies potentially interested in operating the hotel, once converted as aforesaid, the Exalco Properties believes that this proposed redevelopment would significantly enhance the value of its asset base, while contributing positively to future revenues and profitability.

A planning application for the hotel had been filed in 2025, and is awaiting a recommendation from the Planning Authority’s case officer. The Swieqi local council in a submission deems the proposal to be “premature, pending a decision by Infrastructure Malta to upgrade the road system in the general area.”

The Savoy Business Centre

Exalco Finance also provided an update on the Savoy Business Centre in Sliema, saying that works are progressing steadily and in line with the established project timelines.

It said that completion is targeted by the end of 2027.

“Following the completion in shell form of the four-level underground car park, works are currently advancing on the contemporary extension, which will incorporate a modern architectural design. The next phase of the project is to include the commencement of restoration works on the historic Savoy building towards the end of the current year.”

The development has been designed with sustainability and environmental consciousness as core objectives, the company said.

Upon completion, the Savoy Business Centre is intended to be positioned as “a premium commercial address,” targeting tenants such as corporate headquarters, distinguished banking and financial institutions, embassies, educational establishments, and providers of premium professional office space.