MEDIA

05 Jun 2026

Milestone Agreement Signed for the Old Power Station, Valletta Waterfront

Valletta Cruise Port Ltd is pleased to announce the signing of a Build, Operate and Transfer (BOT) agreement with Valletta Bridge Ltd for the restoration, redevelopment and operation of the historic Power Station building, marking another important milestone in the continued regeneration of the Grand Harbour area.

Valletta Bridge Ltd is a joint venture company whose shareholders are CPHCL Group and Attard Bros Group. This project will transform Malta’s first power station, built in the 17^th century, into a mixed-use development comprising of an exclusive 20-room boutique hotel complemented by a range of high-quality amenities, creating a unique hospitality experience that celebrates the site’s industrial heritage while meeting the expectations of today’s discerning travellers. It will also house high end offices, retail and food and beverage offerings.

This landmark building occupies a unique location beneath Crucifix Hill in Floriana, within walking distance of Valletta and adjacent to the cruise passenger terminals and the Valletta Waterfront destination. The project will breathe new life into an underutilised heritage asset while preserving its historical significance and distinctive architectural character.

The project which forms part of Valletta Cruise Port’s terminal precincts, fits with the Company’s broader vision to continue enhancing the Valletta Waterfront destination, building on more than two decades of investment in heritage restoration, tourism infrastructure and destination development.

Stephen Xuereb, CEO of Valletta Cruise Port and COO of Global Ports Holding, said: “The signing of this agreement marks the beginning of an exciting new chapter for one of the most distinctive historic buildings within Malta and the Grand Harbour region. This building is an important part of Malta’s industrial heritage.  This project will ensure its preservation and sustainable future use. Through the creation of an intimate boutique hotel and complementary amenities, we are not only restoring a remarkable landmark but also strengthening the destination and further contributing to the ongoing regeneration of the Grand Harbour. This investment reflects our long-term commitment to preserving heritage, enhancing the visitor experience and creating lasting value for Malta.”

Jean-Pierre Schembri, CPHCL Group CEO, held that “At CPHCL, we are honoured to be involved in this landmark building project, which will give Malta’s first power station a new life. Through this unique project CPHCL will play an instrumental role in preserving and revitalizing Malta’s industrial heritage, ensuring its sustainable future use. Moreover, the development of a boutique hotel will build on our legacy of over six decades' experience in luxury hospitality and premium real estate development, to further enhance and contribute to the continued regeneration of the Grand Harbour, which is also in line with the Government plans to regenerate the wider area in a holistic manner.

Carl Attard, Managing Director, Attard Bros Group stated "This project fits perfectly with our mission of creating better spaces.  It represents a unique opportunity to restore and repurpose a historic landmark through high-quality construction and sensitive restoration techniques. Our focus is on delivering a structurally sound, technically robust redevelopment that respects the building’s original characteristics, while meeting modern standards of safety, performance and sustainability. We are proud to partner with CPHCL on a project that combines heritage conservation with sustainable development, one that will see the continued regeneration of the Grand Harbour area and deliver lasting value for Malta.”

Once completed, the development will add a new hospitality dimension to one of Malta’s most visited maritime destinations. Guests will enjoy a distinctive setting overlooking the Grand Harbour, while experiencing a carefully curated blend of heritage, comfort and contemporary hospitality.

The project is expected to contribute to the continued growth and diversification of Malta’s tourism product, while safeguarding an important chapter of the nation’s industrial and maritime history for future generations.