HDC hands over unfinished Hulhumalé hotel to private developer
According to HDC, the hotel will be operated under the name Manhattan Grand Hotel with 50 percent foreign investment.
Housing Development Corporation (HDC) has handed over the development and management of State Trading Organisation’s (STO) unfinished Hulhumalé hotel building to World of Business Pvt Ltd.
The agreement was signed on Wednesday at a ceremony held at Meeruma Event Hall. HDC Managing Director Ali Zuhair and Deputy Managing Director Mohamed Asbah Ali Naseer signed on behalf of the corporation, while World of Business was represented by Managing Director Ibrahim Naeem, Chief Executive Officer Fahiyas Pangath, and Chief Operating Officer Ali Nahiz.
According to HDC, the hotel will be operated under the name Manhattan Grand Hotel with 50 percent foreign investment. The investment will be made by Deep Seafood Company, a UAE-based firm. The property will also include 3.5 floors of office space designated for government purposes.
HDC stated that the development will house a Media Village, the National Institute, and the Maldives National University’s Medical College. These facilities are scheduled to be completed and handed over within six months.
The remaining section of the property will be developed as a five-star hotel with 158 rooms, with construction expected to finish in a year. HDC said the project was part of President Mohamed Muizzu’s pledge to establish a city hotel in Hulhumalé.
The Manhattan brand currently operates another hotel in Male, located within the training section of the Maldives National University.
Construction of the Hulhumalé hotel originally began 14 years ago under STO. The company previously attempted to sell the unfinished property without success. HDC signed a memorandum of understanding last May to pursue the development, before formally handing over the project to World of Business this week.
