To develop a high end resort for well heeled tourists in Maldives, A leading Indian hotel firm will invest $150 million. The Mfar Group of Hotels, which has around 700 rooms altogether in India and Oman, has acquired an island for building the resort there. P Mohammed Ali, owner of the firm said that the firm has just acquired an island measuring six hectares in land area, and it has the permission to reclaim land up to 30 hectares.
The firm has got the land on a 15-year lease from the government, Mohammed Ali said. Maldives has a great potential for hotel and tourism industry and provides opportunities for investment in the financial, infrastructure and tourism sectors. The resort will be a combination of villas on the land as well as villas built on stilts in the lagoon, he added.