Courtesy of SPG’s “Hot Escapes” offer, you can currently book the Westin Dragonara (St Julians) for just €104 a night.
Bookings need to be made by the end of Saturday 18 January though, so be quick. You can stay any time up to the end of February (although a handful of nights are at a more expensive rate). Note that while the €104 rate is exclusive to SPG members (non-SPG members pay €110 a night with this offer), anyone can join SPG, for free.
It may be off-season, but with the Hilton Malta offering stays at €99 a night up to the end of February, there are some very competitive high end offers currently available in Malta.