The Corinthia Group is in the "final stages" of negotiations to sell one of its local landmarks, the Corinthia Mistra Village Clubhotel, according to sources.

The property is expected to be sold for about Lm10 million.

The sources said the prospective buyers - who reportedly include local developers - are planning to turn the hotel into an upmarket residential development. Mistra Village is located on Xemxija Hill, in St Paul's Bay.

If the deal goes through, it will be the first time the Corinthia Group would be disposing of a strategic hotel in Malta.

The Mistra Village, for many years a holiday spot for many Maltese families, commands excellent sea and country views.

A spokesman for Corinthia Group yesterday would only say that the group would make an appropriate announcement when there was something definitive. He would not elaborate.

Sources said the deal would be formalised very shortly.

This resort is currently a self-catering holiday village, providing its guests with a variety of amenities including a mini-market and laundry service.

The Corinthia Group started out in 1960 with the acquisition of a villa in Attard. It now owns or manages 31 hotels in 11 countries and operates extensively in industrial catering, construction and project management.

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