The Housing Development Corporation (HDC has signed a contract with World of Business Pvt Ltd to complete and operate the City Hotel in Hulhumale’, which will house several government initiatives.
The State Trading Organisation (STO) Public Limited Company initiated the development of a city hotel in Hulhumale’ Phase I in 2012. However, the project did not progress as desired, facing significant delays. In June 2023, HDC took over the project from STO through a settlement agreement, under which two additional plots of land were allocated to STO.
While the government has since changed, President Dr Mohamed Muizzu has designated the building as a key building that will be utilised to fulfill several presidential pledges. A new company, World of Business Pvt Ltd, was set up to carry out the work, and on Friday, HDC signed a formal agreement with the company for the completion and operation of the building.
The City Hotel will accommodate the offices for the Media Village, Youth Centre / E-Sport, Heritage, and Medical Colleges, all of which are key pledges of President Dr Mohamed Muizzu’s administration. According to HDC, World of Business Pvt Ltd must complete this work within four months.
The remaining areas of the building will be developed as a five-star hotel, ‘Manhattan Grand Hotel’, with 158 rooms. This part of the hotel development has to be completed and brought to operation within nine months. HDC said the hotel is being developed as a transit hotel for tourists visiting the Maldives.
World of Business Pvt Ltd will operate the Manhattan Grand Hotel with 50 percent foreign investment. Deep Seafood Company Pvt Ltd, a UAE-based company, is investing in the project.
The structural work of the City Hotel building has already been completed, and finishing work is now underway.