Minor International buys 50% stake in Niyama, Maldives for $ 22.5 m

Tuesday, 3 December 2013 00:01 - - {{hitsCtrl.values.hits}}

Minor International has acquired a 50% stake in Niyama, Maldives, which is part of the Per Aquum brand, which MINT acquired 50% of in August of this year. The total investment in Niyama is $ 22.5 million. Minor International Chairman and CEO William E. Heinecke said: “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 Minor International 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.” Niyama is a modern 86-key resort that aims to offer guests more than a romantic Maldivian escape by balancing tranquillity with a sense of discovery, stimulation and fun. Niyama is home to Subsix, the world’s first underwater music club. Located in the South Western Atoll of Dhaalu, Niyama is a 40 minute seaplane flight from the capital, Male. Minor Hotel Group CEO Dillip Rajakarier 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.” Minor International today operates six luxury hotels in Maldives under the Anantara, Naladhu and Per Aquum brands. In addition, Minor also operates seven restaurant outlets in the country under the brands Thai Express, The Coffee Club, Swensen’s and Burger King.