HILTON Worldwide is adding a third property to its portfolio in the Maldives.
Malwatte Hotels and Resorts (MHRL), a subsidiary of Sri Lankan tea and rubber farming company, Malwatte Plantations, will own the new, four-star resort on Maanagalaa Island.
A source from Malwatte Plantations told TTG Asia e-Daily that an MOU had been inked with Hilton to oversee resort operations. A formal agreement will be signed within the next two weeks.
Construction on the resort gets underway in September, and is scheduled for completion by September 2013. The property will offer 70 bungalows in the initial stages.
Malwatte Plantations intends to raise over 606 million Sri Lankan rupees (US$5.5 million) from a rights issue to finance the US$26 million project.
Hilton’s two other properties in the Maldives are the Conrad Rangali Island Maldives Hotel and Hilton Maldives/Iru Fushi Resort & Spa.
