Joseph Portelli to acquire Fort Tigne from MIDI and turn it into hotel

MIDI strikes deal with construction mogul as it drums up cash for bond repayment

Joseph Portelli is poised to take over Fort Tigne from MIDI, in a €2.5 million deal that would allow the mogul to convert the historic fort into a hotel.

MIDI said in a statement to the market on Tuesday afternoon that it has entered into a promise of sale with Portelli’s firm J Portelli Projects Ltd.

The company currently has 75 years left on a lease it signed for the site at the turn of the century. 

A spokesperson for Portelli said the plan is to develop the 18th century fortification into a "high-end, low-density hotel."

Read the full story at thebusinesspicture.com

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