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Shangri-La's Villingili Resort in Addu. (Photo/Shangri-La)

Local investor to buy Shangri-La's Villigili Resort in Addu

Residents of Addu are concerned over the prolonged closure of the resort, which closed in March 2020 due to Covid-19.

25 January 2023

A Maldivian company has agreed to purchase Shangri-La's Villigili Resort, which has been closed for a long time in Addu, with the government agreeing to sell its shares in the resort.

Residents of Addu are concerned over the prolonged closure of the resort, which closed in March 2020 due to Covid-19.

A US-based property agent was appointed in June 2022 to sell off the resort, which as a 30% government shareholding.

Speaking at a campaign event in Addu for upcoming MDP primary, party president Mohamed Nasheed said that a major businessman had recently visited the resort recently and the resort will be reopened soon. Nasheed said that the businessman had asked him to talk about it.

A government official confirmed to Atoll Times that the cabinet's economic council has decided to sell 30% of the government's stake in Addu Investments Private Limited, which operates the Shangri-La resort.

The council has now tasked the finance ministry to proceed with the transaction. Shangri-La is the only other shareholder in Addu Investments Private Limited. The company will also sell its shares along with the government. 

Reollo to buy Villingili

A reliable source confirmed to Atoll Times Reollo Investments, a local conglomerate which operates domestic airline Manta Air and Dhaalu Airport, is the buyer. The company operates several resorts in the Maldives, including Kandima Maldives in Dhaalu Atoll, The Nautilus Maldives in Baa Atoll and Nova Maldives in Alif Dhaal Atoll.

The company did not immediately respond to a request for comment.

Tourism minister Dr Abdulla Mausoom told Atoll Times that he will extend all possible support to expedite the reopening of Villigili resort.

"We are doing the needful in full swing and are in the final stages," he said.

"Administrative work is being done in this regard. It was very positive."

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