Issue link: https://maltatoday.uberflip.com/i/1408316
3 NEWS 9.9.2021 FROM PAGE 1 But in an announcement to the Mal- ta Stock Exchange, Corinthia Group advised that Corinthia Hotels and Meydan had agreed a settlement to exit from their respective positions of hotel operator and investor on a beachfront hotel and residential pro- ject in the project. When contacted by this newspaper, Corinthia Hotels CEO Simon Naudi confirmed the decision. "The project in essence was owned by a third party named Meydan who recently sold the development to an- other investor," he said. "We chose to sell out of our position too, alongside Meydan." Naudi did not provide details as to the reasons behind the project delays, Meydan's decision to sell the develop- ment or whi Corinthia HOtels could not have stayed on with a new investor on board. "I'm afraid the company announce- ment is the most we can say but we wish the new owners well and I'm sure they will be completing the project in the next year or so," he told Business- Today. The page on Corinthia's website about the Dubai development has al- ready been pulled down, but extensive information about the project on Du- bai-based websites is still avialable. Most of that information, however, is outdated and refers to the develop- ment's 'future' opening in 2019. In April 2019, online hospitality por- tal Four reported that the the Corin- thia Meydan Beach Dubai was to open in 2020. The portal said the project would be Corinthia's first hotel in the Mid- dle East and praised the group for its unique, uplifting luxury destinations. But Four also reported that the beachfront hotel marked "the begin- ning of ambitious expansion plans by the hotel group". Back then, Corinthia's Area Man- aging Director Middle East Matthew Dixon told the portal that the Corin- thia Meydan Beach was an exciting addition to the region's hospitality landscape, representing both a land- mark milestone for Corinthia and for Dubai. "The energy, vision and quality of resources assembled for this project by Meydan means that this hotel is in the enviable position of offering the market something fresh and new; an interpretation of heritage, culture and service values that we feel have not yet been bought to the UAE," Dixon said. "We are confident that this property will enhance the Corinthia brand in the region, brilliantly enhancing our existing portfolio." Plans for the development point to a stepped podium wrapped around extravagant, landscaped pools and gardens cascading onto the beach. A 55-storey tower comprising of resi- dential apartments, bedrooms, suites, and entertainment zones will sit on one side of this podium, commanding views of some of the most spectacular sights in Dubai, including the Palm Jumeirah Island and the Ain Dubai across the water. Visitors and residents of the hotel will be able to enjoy fine dining on the 32nd f loor and continue the rest of the night at the club located on the 8th f loor. They can also enjoy an exquisite din- ing experience at the Northall Restau- rant & Brasserie. Moreover, visitors and residents will have access to seven high end retail shops, where they can unleash their shopping desires. They can also embrace peace of mind, tran- quillity and a total rejuvenation of the body and mind at the hotel's Spa and Gym. No update about the development's progress is available on Meydan's web- site and attempts to contact the firm in Dubai proved futile by the time we went to print. Corinthia Hotels CEO: 'We chose to sell out of our position'