SD Holdings Ltd, Seabank Hotel and Catering Ltd and Seaport Franchising Ltd has been officially recognised as the preferred bidder to develop the site currently occupied by the Institute of Tourism Studies in St George's Bay.

They were the sole bidders for the project, with Projects Malta saying the bid had satisfied the government's requirements. 

Seabank will design, build and operate a 'landmark development' focused on tourism and entertainment. The project is to include an internationally branded five-star hotel.

The development can also have residential units, restaurants and other commercial outlets.

Discussions between the government and the consortium will start in the near future.