Industry Update
Press Release 7 April 2017

Centara signed new management agreement for fourth resort in the Maldives “Centara Grand Muthaafushi Resort & Spa Maldives”

Centara Hotels & Resorts will manage and operate Centara Grand Muthaafushi Resort & Spa Maldives, a new five-star resort in the South Western portion of Baa Atoll.

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Central Hotels & Resorts Central Hospitality International (CHi).

Centara Hotels & Resorts, leading Thai hospitality group signed a new hotel management agreement for its fourth beach resort under the Centara umbrella in the Maldives - Centara Grand Muthaafushi Resort & Spa Maldives. The signing ceremony took place between Centara Hotels & Resorts and Muthaafushi Orient Investments Limited, and Well Land Investment PVT LTD.

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Under the agreement, Centara Hotels & Resorts will manage and operate Centara Grand Muthaafushi Resort & Spa Maldives, a new five-star resort in the South Western portion of Baa Atoll. It will comprise 24 land villas and 77 water villas with an array of international restaurants including an underwater restaurant, a floating cinema, a dedicated Thai spa, a fitness centre, and other facilities expected in a Centara Grand resort. The new resort is expected to have soft opening in the fourth quarter of 2018 and grand opening in 2019.

Thirayuth Chirathivat, Chief Executive Officer of Centara Hotels and Resorts remarked: "We are delighted to be selected by Muthaafushi Orient Investments Limited to manage and operate their new five-star resort in the Maldives. We believe that Centara Grand Muthaafushi Resort & Spa Maldives will fit well into our Centara Grand resort portfolio. This expansion of the business in the Maldives is in line with Centara's growth strategy to strengthen our presence both in the South Asian region and internationally."

Mohamed Hameed, Director of Muthaafushi Orient Investments Limited said: "It was an esteemed pleasure for Muthaafushi Orient Investments Limited to embark on this partnership with Centara Hotels & Resorts for the new Centara Grand Muthaafushi Resort & Spa Maldives. It is a great opportunity for us to work with such an eminent hospitality brand of the Thai origin as Centara, who brings with it long legacy of success in operating both owned and managed properties in popular tourist destinations worldwide."

Executive Director Jin Zhai of China Orient Asset Management (International) Holding Limited, one of the investors for Muthaafushi Orient Investments Limited said: "We are pleased to be part of this new international collaboration between Centara Hotels & Resorts and Muthaafushi Orient Investments. We are very honoured to help make it possible for the investment of the new and exciting Centara Grand Muthaafushi Resort & Spa Maldives."

With a collaboration from Avista Asset Management Pte Ltd, Singapore a Real Estate Asset Management Company, Avista Asset Management has built an investment case and identify potential joint venture partners which lead to the teaming up of Muthaafushi Orient Investments Limited, China Orient Asset Management (International) Holding Limited and Centara Hotels & Resorts.

Avista Asset Management has been appointed as the development & asset manager of this project by Muthaafushi Orient Investments Limited. Avista Asset Management will continue to work closely with all the stakeholders and manage the development and asset management of Centara Grand Muthaafushi Resort & Spa, Maldives.

Baa Atoll, also known as Southern Maalhosmadulu Atoll, is approximately 123 kilometres North West of Male International Airport in the Maldives. Consisting of 75 islands dotted around three separate natural atolls, Baa Atoll is home to some of the richest biodiversity in the region, and as such has held the status of UNESCO World Biosphere Reserve since June 2011. The recognition was a significant achievement for the Maldives, placing it in the company of world famous ecological sites.

Related Brand

Centara Grand

The Centara Grand hotels and resorts are in the five-star category, with landmark properties in prime resort and beachfront locations, and key city areas. The Centara Grand appeal is a broad one, catering to the needs of independent travellers, couples and honeymooners, families, avid shoppers, conference groups, and to those with a longing for absolute relaxation.
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Other Brands operated by Centara
Centara
Centara Boutique Collection
Centara Residences & Suites
Centra by Centara
COSI Hotels

About Centara Hotels & Resorts

Centara Hotels & Resorts is Thailand's leading hotel operator. Its 71 properties span all major Thai destinations plus the Maldives, Sri Lanka, Vietnam, Laos, China, Oman, Qatar and the UAE. Centara's portfolio comprises six brands -Centara Grand Hotels & Resorts, Centara Hotels & Resorts, Centara Boutique Collection, Centra by Centara, Centara Residences & Suites and COSI Hotels - ranging from 5-star city hotels and luxurious island retreats to family resorts and affordable lifestyle concepts supported by innovative technology. It also operates state-of-the-art convention centres and has its own award-winning spa brand, Cenvaree. Throughout the collection, Centara delivers and celebrates the hospitality and values Thailand is famous for including gracious service, exceptional food, pampering spas and the importance of families.Centara's distinctive culture and diversity of formats allow it to serve and satisfy travellers of nearly every age and lifestyle.

Over the next five years Centara aims to double its size with additional properties in Thailand and new international markets, while spreading its footprint into new continents and market niches. As Centara continues to expand, a growing base of loyal customers will find the company's unique style of hospitality in more locations. Centara's global loyalty programme, Centara The1, reinforces their loyalty with rewards, privileges and special member pricing. Find out more about Centara at www.CentaraHotelsResorts.com.

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