Juel Group looking to tap Malta’s capital markets in €32 million bond issue

Juel Group, a company owned by Adrian Muscat, has released a prospectus for a €32 million bond issue that will largely be used to complete the construction and finishing of a new hotel set to open in Swieqi, operated under the Hyatt Centric brand.

Of the funds raised, around €9.74 million will be allotted to MZ Investments in repayment of a bond advance facility amount and the premium outstanding thereunder. Another €8 million will be used to finance outstanding principal and interest under a bank loan granted by Bank of Valletta to the issuer for the purposes of the acquisition of the Sans Souci Site by Juel Hospitality.

The other €13.6 million shall be utilised to partly finance the construction and development of the hotel, as finishing costs attributable to the construction and completion of the hotel.

The bond issue is subject to a minimum aggregate subscription amount of €21 million.

Apart from Juel Hospitality and Juel Holdings, Juel Group is the parent company of Muscat Holdings and Muscat Holdings II, which own investment properties in St Julian’s, Birkirkara, Kappara, Mġarr, Naxxar and Marsaskala.

Muscat Holdings II also owns a 49.99 per cent shareholding in ACMUS Group, a joint venture with The Ona Property Development Ltd.

Juel Group is also a shareholder in GAP Group Investments with 33.3 per cent of the company of which Mr Muscat’s father, George Muscat, is executive chairman.

George Muscat is also the ultimate beneficiary owner of 50 per cent of Bay Street Group, which includes the Hyatt Regency Malta and be.Hotel among its holdings, located metres away from the new Hyatt Centric development.

Adrian Muscat has led the project team responsible for on-site management of the projects undertaken by GAP Group since 2001, and as an indirect minority shareholder of Bay Street Group, regularly attends executive team meetings of the be.Hotel and the Hyatt Regency Malta for the purposes of reviewing the operational performance of both properties and determining the development strategy thereof.