MINT rapidly grows its presence in the Maledives with 50% investment in Niyama, a per Aquum Resort
Minor International Public Company Limited (“MINT”) today announced the acquisition of a 50% stake in NIYAMA, Maldives. NIYAMA is part of the Per AQUUM brand, which MINT acquired 50% of in August of this year. The total investment in NIYAMA is USD 22.5 million.
NIYAMA is a modern 86-key resort that offers guests more than a romantic Maldivian escape by balancing tranquillity with a sense of discovery, stimulation and fun. Located in the South Western Atoll of Dhaalu, NIYAMA is a 40 minute seaplane flight from the capital, Male. NIYAMA was developed using Per AQUUM?s visionary and iconic design philosophy to create a luxury, contemporary, vibrant resort for the stylish aspirational traveller. NIYAMA incorporates traditional Maldivian elegance in a naturally modern aesthetic and welcomed a world first to the Maldives with the opening of Subsix, the world?s first underwater music club.
MINT has a proven track record in operating hotels in the Maldives. Since its first hospitality footprint in the archipelago in 2006, MINT today operates six luxury hotels in the country under Anantara, Naladhu and Per AQUUM brands. In addition, MINT also operates seven restaurant outlets in the country under the brands Thai Express, The Coffee Club, Swensen?s and Burger King.
William E Heinecke, Chairman and CEO of Minor International commented, ?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. 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.?
Dillip Rajakarier, CEO of Minor Hotel Group, added, ?Since the launch of NIYAMA 18 months ago, the resort has set the standard in offering a differentiated product which ensures that it stands out in the market, both on a local and international level. In addition, successful business results and a high demand factor have paved the way for consideration of expansion plans for the property. With increasing tourism demand for the Maldives, I am very confident that our portfolio of resorts will continue to perform exceptionally well over the coming years.?