Bangkok, 19 February 2020 – 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 (WEWD).
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 WEWD on the 19th February 2020.
Mr. Chairath Sivapornpan, Chief Financial Officer of S Hotels & Resorts Plc, said having WEWD 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 WEWD, 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 a 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 WEWD, a business conglomerate from Myanmar which has various business interests in property development, mining, automotive and food, to develop a high-end lifestyle resort worth US$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.
“The new high-end lifestyle resort on Island 3 will be a new choice for visitors and will allow CROSSROADS to provide even more extended and diversified experiential offerings to the market,” Mr. Chairath added.
Presently, SHR has two lifestyle resorts, SAii Lagoon Maldives, Curio Collection by Hilton on Island 1 and Hard Rock Hotel Maldives on Island 2, together with The Marina @CROSSROADS, a recreation and entertainment center comprising a luxurious 30-berth yacht marina, beach club, restaurants, retail shops, multipurpose event hall and various leisure activities. The CROSSROADS is located just 15 minutes from Male International Airport.
About S Hotels & Resorts Public Company Limited
S Hotels & Resorts Public Company Limited (SHR), the hospitality arm of Singha Estate Public Company Limited, is a fast-growing, Thai-inspired company with an extensive international portfolio and world-class standards. Specialising in the management and investment of high-quality hotels and resorts in desirable destinations across the globe, S Hotels & Resorts has created a collection of its own distinctive lifestyle brands, whilst also partnering with the hospitality industry’s leading names. The company aims to set new standards for leisure and lifestyle through diversified business platforms and to enhance value for all its stakeholders based upon a philosophy of sustainable development and delivering benefits to local communities. To learn more, please visit www.shotelsresorts.com or follow us on Facebook, Instagram or LinkedIn.