Business & Finance

Centara Enters Management Agreement for New Resort in the Maldives, Centara Grand Muthaafushi Resort & Spa Maldives

BANGKOK, TH. April 6, 2017 – 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.

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 Malé 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.

About Centara Hotels & Resorts

Centara Hotels & Resorts is Thailand’s leading hotel operator, with a total of 67 deluxe and first-class properties; 44 across major domestic tourist destinations, as well as 23 hotels and resorts located in prominent international destinations, including Maldives, Vietnam, Sri Lanka, China, Oman, Qatar and the United Arab Emirates. The diversity of Centara properties means that the brand can cater easily to all of the differing needs of couples, families, individuals, and business professionals. Centara also operates 22 branches of Spa Cenvaree, an award-winning spa brand, together with seven branches of the value brand Cense by Spa Cenvaree, which provides core spa services for busy travellers. The company’s Kids’ Clubs are available at all their family-friendly resorts to ensure that children – and their parents – can enjoy their own kinds of fun. Centara also operates state-of-the-art convention centres in Bangkok and in Udon Thani. The latest Centara brand to be launched is COSI Hotels, an affordable lifestyle brand designed for travellers who predominantly make their bookings via the internet and who want comfort and convenience at affordable prices; the first property is due to open in 2017. Centara The1 Card, Centara’s global loyalty programme, provides members with exceptional rewards and privileges including enhanced levels of luxury and services and 10% off Centara’s best available online rates. An array of wonderful benefits can be enjoyed every time members stay at any Centara Hotels & Resorts property, dine at its fabulous restaurant outlets, or pamper themselves at our award-winning spa facilities. To sign up, log on to: Find out more about Centara at

About Muthaafushi Orient Investments Limited

Muthaafushi Orient Investments Limited is a subsidiary of Antrac Holding Pvt Ltd which well-known and reputed corporate established in The Republic of Maldives. Antrac Holding Pvt Ltd presently is the leading marine service provider attending more than 90% of foreign trade vessel, cruise ships, luxury yachts, naval ships, research ships, survey vessels, roro and heavy lifts call in the Maldives. The company are also one of the leading freight forwarding, local transportation and international trading companies in Maldives. The company currently have two branch offices one in Uligamu of Haa Alifu Atoll (northernmost atoll), and second in Gan of Addu Atoll (southernmost atoll), to provide customized support and service to its vast and diversified client base.

About China Orient Asset Management (International) Holding Limited

China Orient Asset Management (International) Holding Limited, through its subsidiaries, offers investment management, advising, and asset management services in fixed income, securities, equities, and secondary market investments. The Company is a subsidiary of China Orient Asset Management a Chinese state-owned enterprise. Founded in 1999 and is headquartered in Beijing, the company is an asset management company and a merchant bank conducting diversified financial services. The Company provides asset management, insurance, securities, trust, leasing, investment, and overseas financial services through its 25 branches.

About Avista Asset Management Pte. Ltd. Singapore

Avista Asset Management team led by Mr Arjun Dosaj, has more than 60 years of experience in real estate investment, development and asset management. Avista Asset Management delivers real estate asset management services to Owners, Investors, Corporates & Private Equity funds who are asset owners and wish to optimize their alternative investments. The Avista Asset Management team works with owners / investors on the “buy side” and takes full ownership of the entire asset management cycle from “Concept to Execution to Exist”. We offer our investors a fully-fledged 3rd party real estate asset management platform and a highly experienced team offering coverage across - South East Asia, India, & China. The team has in the past managed and exited in excess of USD $ 4 billion of real estate assets in the region. The asset management team owns the entire execution & development process on behalf of its clients / investors and advises on superior portfolio performance and/or monetization routes via various asset management strategies.

Montakarn Shutt
+66 (0) 2769 1234 Ext. 6672

Pornchanok Thongrungrot
+66 (0) 2769 1234 Ext. 6733

Coming Up In The September Online Hotel Business Review

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