World of Business Pvt Ltd has been awarded the development and operation of the Manhattan Grand Hotel in Hulhumale’.
The agreement was signed by the Housing Development Corporation (HDC)’s Managing Director Ali Zuhair, while World Business Pvt Ltd was represented by its Chief Executive Officer, Fahiyas Pangat. World Business Pvt Ltd is a joint venture with Dubai’s Deep Sea Company.
The Manhattan Grand Hotel is being developed in the building that was originally being developed by the State Trading Organisation Plc (STO) as a city hotel in Hulhumale’ Phase 1. However, the project was left incomplete and had remained unused for the past 17 years. President Dr Mohamed Muizzu has since announced plans to utilise the USD 34 million building for a hotel, along with facilities such as a media village, medical college, heritage college and youth centre, as part of his broader development vision.
As part of the new strategic vision for the country's development, the hotel will be redeveloped as the Manhattan Grand, a five-star hotel featuring 158 rooms, a banquet hall, a multi-purpose hall, conference halls, a swimming pool, four international food and beverage brands, a gym and a spa. The hotel will be connected to the new passenger terminal of Velana International Airport, with 12 airlines expected to sign agreements with the hotel. The hotel is expected to reach completion within 12 months.
In addition, 3.5 floors of the building will be allocated to fulfil four key pledges: the establishment of the media village, youth centre, medical college, and heritage college. These facilities are to be completed within five months and handed over to the government.
As part of the deal, HDC will receive USD 11 million as the property’s value, alongside USD 14.4 million annually in rent. The state will also receive USD 2.5 million in taxes.
World of Business Pvt Ltd's Corporate Social Responsibility (CSR) programme will permanently cover the electricity, water and maintenance costs of the USD 7 million youth centre, media village, medical college and heritage college.