Island Hotels Group Limited has entered into a promise of sale agreement for the sale of the Coastline Hotel for €14m. The hotel will be sold to Claret Holdings Limited, whose registered office is the European School of English.

Island Hotels has operated the Coastline, in Salina, for 20 years. The sale is expected to be concluded by April 25. No jobs will be lost.

Island Hotels has also entered into an agreement with Claret Holdings to supply the Coastline Hotel with food and beverage services for five years.

The company said the sale is in line with its strategy to focus on the five-star segment of the local hotel industry and the proceeds will go towards contributing to the development of the group in this area as well as other core activities of the group, including vacation ownership, high-end event catering and the development of the Costa Coffee brand locally and internationally.

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