Progress on the Sea Pebbles Boutique Aparthotel in Sliema has been slower than expected, with demolition in 2024 delayed due to the site's complexity and restrictions tied to its location in the busy tourist area.

This was reported in SP Finance plc’s annual audited financial statements for the financial year ended 31st December 2024. SP Finance is the finance vehicle for Sea Pebbles Limited, whose principal activity is to operate the Pebbles Boutique Aparthotel in Sliema.

Located near the Gżira border, the aparthotel is being redeveloped into a 109-unit hotel with supporting facilities, including a seafront restaurant. The Planning Authority had granted a full development permission to Sea Pebbles Limited in March 2025. 

The company announced that the hotel is now expected to reopen in mid-2026, nearly a year later than the original target of Q3 2025.

In 2024, the company reported an operating loss of €402,138, down from an operating profit of €790,772 in 2023.

Revenue plummeted to €11,900 from €1,454,966 the previous year, an approximate 99 per cent drop, primarily due to a one-off gain of €941,856 from the sale of intellectual property in 2023.

Operating expenses were reported at €311,900, a significant €608,473 less than 2023’s €920,373. Administrative expenses stood at €366,377 (2023: €746,440).

'Other operating income' was reported at €264,149 with a loss for the year of €376,219, compared to 2023’s €725,877.

Assets only slightly increased from 2023’s €29,534,854 to €29,898,100 in 2024.

The radically lower revenues reported, apart from the one-off sale of intellectual property in 2023, is also the result of the hotel being closed throughout 2024. 

Looking ahead, the hotel is expected to generate significantly higher revenue and profits once fully operational, "well in excess of what was generated by the much smaller Pebbles Boutique Aparthotel."

The Directors did not recommend the payment of a final dividend.