The Manhattan Grand Hotel, developed in a nine-storey building originally constructed by the State Trading Organisation (STO), officially opened tonight in Hulhumale'.
Located near WAMCO at the end of Hulhumale' Phase 1, Manhattan Grand is the largest five-star hotel to open in the Male' area.
Finance Minister Hassan Zareer inaugurated the hotel at an opening ceremony held tonight, marking the completion of a project that had been delayed for more than a decade.
The five-star hotel has 162 rooms, cafe's, restaurants and a conference hall. Its facilities also include an outdoor swimming pool, spa and wellness centre, and fitness centre.
STO originally developed the building to operate as a city hotel before handing it over to World of Business Pvt Ltd in May last year for the development of Manhattan Grand.
According to HDC, World of Business will operate the hotel with 50 percent foreign investment. The project is backed by UAE-based Deep Seafood Company.
The hotel's development dates back to 2008, when STO signed an agreement with US-based Carlson Hotel Group. Construction was scheduled to begin in 2012, but the project faced repeated delays and the property was put up for sale several times.
The hotel was initially expected to operate under international brands, including Hilton and Radisson Blu. The project, which cost approximately MVR 115 million, was originally scheduled for completion in 2013. Its prolonged delay also raised concerns among shareholders.
Completing and opening the hotel was among the priorities of the current administration.
In September last year, STO exchanged the Hulhumale' hotel property with the Housing Development Corporation (HDC) for land in Hulhumale' Phase 2 in a deal valued at USD 20 million (approximately MVR 308 million).
