Minor buys 50% stake in Per Aquum; plans to expand brand
Thursday, 4 July 2013 00:51
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Minor Hotel Group (MHG), a Thailand-based hotel owner, operator and investor, has made a $ 4 million investment in Per Aquum Retreats, Resorts and Residences. The investment equates to a 50% stake in the brand.
As part of this partnership with Universal Enterprises, Maldives, MHG and Universal plan to jointly develop the brand to encompass at least five additional properties within the next five years.
Per Aquum currently boasts three properties, two in the Maldives, Huvafen Fushi and Niyama, in addition to Desert Palm in Dubai in the UAE.
The addition of the three Per Aquum resorts takes MHG’s overall portfolio to 91 properties in operation across twelve countries. MHG has an ongoing partnership with the Maniku family, the principals of Universal Resorts, since the launch of three luxury resorts in the Maldives in 2006 and 2007, Anantara Dhigu Resort & Spa, Anantara Veli Resort & Spa and Naladhu Maldives. MHG’s presence in the Maldives was strengthened by the opening of Anantara Kihavah Villas in early 2011.
Minor Hotel Group CEO Dillip Rajakarier said: “Per Aquum is already a very well respected and exclusive brand and we look forward to having the opportunity to develop it further working in partnership with Universal Enterprises.”
Universal Enterprises Chairman M.U. Maniku added: “We are very happy to partner with Minor Hotel Group which is well known to us and has an excellent reputation within the hospitality industry in Asia, the Indian Ocean and beyond. Under this partnership the Per Aquum brand is set for rapid expansion and continued future success.”
