Centara Hotels & Resorts, leading Thai hospitality group signed a new hotel management agreement for its fourth beach resort under the Centara umbrella in the Maldives – Centara Grand Muthaafushi Resort & Spa Maldives. The signing ceremony took place between Centara Hotels & Resorts and Muthaafushi Orient Investments Limited, and Well Land Investment PVT LTD.
Under the agreement, Centara Hotels & Resorts will manage and operate Centara Grand Muthaafushi Resort & Spa Maldives, a new five-star resort in the South Western portion of Baa Atoll. It will comprise 24 land villas and 77 water villas with an array of international restaurants including an underwater restaurant, a floating cinema, a dedicated Thai spa, a fitness centre, and other facilities expected in a Centara Grand resort. The new resort is expected to have soft opening in the fourth quarter of 2018 and grand opening in 2019.
With a collaboration from Avista Asset Management Pte Ltd, Singapore a Real Estate Asset Management Company, Avista Asset Management has built an investment case and identify potential joint venture partners which lead to the teaming up of Muthaafushi Orient Investments Limited, China Orient Asset Management (International) Holding Limited and Centara Hotels & Resorts.
Avista Asset Management has been appointed as the development & asset manager of this project by Muthaafushi Orient Investments Limited. Avista Asset Management will continue to work closely with all the stakeholders and manage the development and asset management of Centara Grand Muthaafushi Resort & Spa, Maldives.
Baa Atoll, also known as Southern Maalhosmadulu Atoll, is approximately 123 kilometres North West of Malé International Airport in the Maldives. Consisting of 75 islands dotted around three separate natural atolls, Baa Atoll is home to some of the richest biodiversity in the region, and as such has held the status of UNESCO World Biosphere Reserve since June 2011. The recognition was a significant achievement for the Maldives, placing it in the company of world famous ecological sites.