JLL Hotels puts up high class resort in Maldives north for sale

JLL Hotels and Hospitality group has announced the sale of a high class resort being developed in the island of Maavelavaru in Noonu atoll by privately owned Athama Investments.

Haveeru understands that the recent development is due to Athama Investments’ failure to repay a loan of USD 10 million to Mauritius Commercial Bank (MCB).

Supreme Court of Maldives ruled last June that Athama Investments pay over MVR 197 million to MCB. Athama had appealed the High Court’s verdict in 2012 at the Supreme Court, during which the latter had ruled that the resort may be sold should Athama fail to repay the loan.

An exclusive advisor for the sales of resorts in the Maldives, JLL stated that Maavelavaru resort’s sale is in progress, but did not disclose details.

Management of the 44-hectare resort, which has been 90 percent completed, was awarded to famous Singapore hotel chain, Mandarin Oriental.

Resort’s owner and managing director of Athama Investments, Ibrahim Abdul Latheef, told Haveeru that the resort was put up for sale without his prior knowledge. He went on to say that MCB has been informed that the loan would be repaid as per the court’s verdict.

Ibrahim explained that loans were taken from four banks for the resort’s development, of which State Bank of India (SBI) had granted the largest loan: USD 60 million.

Commenting on the progress, he stated that the resort features exceptionally large villas and suites, produced to meet the standards of Singapore’s top hotel chain. He assured that the finished project will rank among the top resorts in the Maldives, as well as Asia. 

“I’m carrying out the final preparations for opening the resort. Nearly everything has been completed. It’s only lacking the machinery required for operations. The resort will be opened within this year.”

Source: Haveeru

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