The Edition


Blackstone Group acquires Conrad Maldives

Nafaahath Ibrahim
21 February 2019, MVT 14:17
The master bedroom of The Muraka, the world's first underwater residence. PHOTO/CONRAD MALDIVES RANGALI
Nafaahath Ibrahim
21 February 2019, MVT 14:17

Conrad Maldives managed by Crown Company has been sold to US-based Blackstone Company.

Although the price remains unclear, local media Mihaaru reported that deal has been confirmed.

After major renovations which cost up to USD 8.3 million, the resort reopened in December 2018. In addition to renovating 42 beach villas, a new underwater villa dubbed 'The Muraka' (The Coral) was unveiled.

The Muraka Villa's interior was designed by Japanese interior designer Yuji Yamazaki, while it was constructed by local architect Ahmed Saleem, the first local architect in Maldives who also holds shares in Crown Company.

The resort features 150 villas, 12 restaurants and two spas.

The American company in 2013 bought majority shares from Trans Maldivian Airways (TMA) as well. However, later on, the company sold these shares.