S Hotels & Resorts joins EWD in development of high-end lifestyle resort in CROSSROADS Maldives
Bangkok, February 19 – S Hotels & Resorts Public Company Limited has received US$16.2 million from the sales of 50% stake in Prime Locations Management 3 Ltd, the operator of a high-end lifestyle resort on Island 3 in the CROSSROADS Maldives, to Wai Eco World Developer Pte (EWD).
S Hotels & Resorts (SHR) through its subsidiary S Hotels and Resorts (SC) Co., Ltd. (SHR SC) which holds 100% in Prime Locations Management 3 (Prime Locations), has completed the sales of 50% stakes in Prime Locations worth US$16.2 million to EWD on the 19th February 2020.
Mr. Chairath Sivapornpan, Chief Financial Officer of S Hotels & Resorts Plc, said having EWD as its business partner will enhance the company’s financial and operational strengths. SHR is even more confident that the resort on Island 3 in CROSSROADS will be successful and achieved commercial operation in time.
Under the joint venture agreement between SHR and EWD, Prime Locations Management 3 has a wholly owned subsidiary Dream Islands Development 3 Private Limited to enter a Sublease Agreement with Dream Islands Development 2 Private Limited (DID2) to obtain sublease rights of Island 3 in the CROSSROADS. DID2 has a Head Lease Agreement with the Government of Maldives.
Late 2019, SHR announced its joint venture cooperation with EWD, a business conglomerate from Myanmar which has various business interests in property development, mining, automotive and food, to develop a high-end lifestyle resort worthUS$60 million on Island 3 in the CROSSROADS.
The new high-end lifestyle resort on Island 3 will have 80 spacious villas with majority of inventory as water villas at a price point of $900-$1000 per night. The new resort development will support SHR to have a more diversified portfolio in the Maldives. The construction is expected to start this year and will be completed in 2022.
