The “Manhattan Grand Hotel,” which will bring revolutionary change to the development of the Maldives, has been developed in Hulhumalé and its operations have been handed over to World Business Private Limited. The agreement was signed by HDC’s Managing Director Ali Zuhair. On behalf of World Business Private Limited, CEO Fahias Pangat signed the agreement. The “Manhattan Grand Hotel” is being developed in the building originally constructed by STO for a city hotel in the first phase of Hulhumalé. This building had remained unused for 17 years. President Mohamed Muizzu envisioned utilizing this $34 million structure that had been left abandoned and deteriorating for 17 years across previous administrations, promising to establish facilities such as a Media Village Village, Medical College, and Heritage College.
Accordingly, in 2007, the then-government decided to develop it as a landmark. In line with this decision, discussions were held with World of Business Private Limited, a foreign investment company established in the Maldives, along with Dubai’s Deep Sea Company, to create such a hotel along with a Media Village, Medical College, Heritage College, and a Youth Center. The agreement for this Vision Landmark Hotel has now been signed.
As part of the new strategic vision for national development, while redeveloping this hotel under the name “Manhattan Grand,” 3.5 floors are dedicated to fulfilling four important promises made by President Dr. Mohamed Muizzu to the people. Thus, along with a Youth Center, a Media Village, Medical College, and Heritage College will be established here, with plans to complete and hand over the government-designated areas within 5 months.
The “Manhattan Grand” Hotel will be a 5-star hotel with 158 rooms, a banquet hall, a multi-purpose hall, conference halls, a swimming pool, 4 international food and beverage brands, and gym and spa services. The aim is to complete the hotel and bring it into service within 12 months, making it a useful and important city hotel connected to the new terminal of Velana International Airport. As such, agreements with 12 airlines are set to be in place when the hotel opens. Under the agreement with HDC, $11 million will be received by HDC as the property value. Additionally, HDC will receive an annual rent of 14.4 million rufiyaa, while the state is estimated to receive $2.5 million annually in taxes.
Under World of Business Private Limited’s CSR, $7 million will be spent to establish the Youth Center, Media Village, Medical College, and Heritage College. The company has decided to permanently cover the electricity, water, and maintenance costs of these facilities under their CSR program.
