One of the biggest hospitality names in Spain, Barcelo Hotel Group is set to manage the Nasandhura Palace Hotel and develop 03 resorts in Maldives.
The hotelier group earlier signed with Sri Lanka’s Browns Investments to develop a 03 tourist resorts in a lagoon purchased by the company.
Barcelo Hotelier Group is expected to purchase the shares of the ventures head-lease party, Bodufaru Beach Resort Private Limited – a subsidiary of the Sri Lankan investment giant.
The subsidiary act holds 33.33% shares of the investment.
The Spanish hotelier giant is expected to invest USD30 million on developing the resorts while the total investment for the project is valued at USD150 million.
The resorts, all developed within the same lagoon following possible land reclamation, and follow a ‘linked’ resort concept will feature a combined total of 470 rooms.
The hotelier group is also reportedly going to take up responsibility of running the properties.
In addition to this, the currently in-development property at Alif Dhaal Bodufinolhu – a 100 room tourist slip owned by Browns Investment will be managed by their new Spanish associate.
The Spanish hotelier giant will also take up the mantle of running Nasandhura complex which is currently in-development.
The new Nasandhura complex, built in the same location where Nasandhura Palace Hotel once stood, is developed with majority shares held by Browns Investments.
The Nasandhura complex is currently developed by local venture NPH Investments.
The complex holds a 150-room hotel and 150 apartments with a residential tower, shopping mall and a conference hall.
Browns Investments has invested a total of USD9.5 million on the mega-complex project.