Group's leisure sector expands its wings to the global arena while making a significant investment in the Maldives and Mauritius.
Nasandhura Maldives is planned as a luxury city hotel with 136+ rooms, 118+ apartments and a sophisticated retail mall. The project is now nearing completion. This is a flagship property and an iconic development in Male city.
Another project in progress is Bodhufarufinolhu in the Raa Atoll. The resort consists of 100 keys and is planned to feature a choice of four villa categories and thus will be different to other Maldivian properties, offering world-class resort features and accommodation to every guest.
The Group has signed a shareholder agreement with the Barceló Hotel Group to develop three hotel complexes in North Male’ Atoll, Maldives, which consists of 470 keys. The total value of the development is estimated at USD 150 Mn, with Barceló investing USD 30 Mn for a stake of 33.33% shares of Bodufaru Beach Resorts Ltd. Apart from the shareholder agreement, Barceló Hotel Group entered into a management agreement to manage 5 leisure properties in Sri Lanka and Maldives. Barceló will be the operator for the properties in North Male Atoll which is owned by Bodufaru Beach Resort (Pvt) Limited, the property currently under construction with 100 rooms in the South Ari Atoll, which is owned by Browns Ari Resort (Pvt) Limited and Nasandhura Palace in Maldives, the most sought-after real estate in Male, which is owned by NPH Investments (Pvt) Limited.
Moreover, the Group acquired a 100 roomed hotel in Mauritius, owned by Mauritius registered firm called PL Resorts Ltd.
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