Minor International (MINT) has acquired a 50% stake in the Maldivian luxury resort, Niyama.
The new 86-room luxury resort forms part of the Per Aquum hotel brand, in which Bangkok-based Minor purchased a 50% stake earlier this year. The Niyama deal is worth US$22.5 million.
“This is now our eighth year of doing business in the Maldives and I feel as confident as ever in the potential of this country,” said William Heinecke, chairman & CEO of Minor.
“This additional investment in Niyama sees MINT strengthen its owned portfolio in the Maldives, demonstrating our commitment to the market. This investment also reinforces our clustering strategy, whereby our aim is to group hotels and restaurant outlets in each country that we operate in.”
Minor now operates six luxury hotels in the Maldives under its Anantara, Naladhu and Per Aquum brands.