STO to sell its hotel in Hulhumale’
Construction of the hotel halted after Radisson Hotels pulled out of its contract with STO
The majority of the construction work has been completed
State Trading Organization (STO) has announced its decision to sell its hotel under construction in Hulhumale’.
The organization has stated that it will be accepting Expressions of Interest (EOI) to buy the hotel or invest in it until January 15.
STO stated that the majority of the construction work has been completed in November and that they are currently doing the interior work and installing the furniture.
Construction of the five-star hotel began in 2011 and halted in 2014 after Radisson Hotels pulled out of its contract with STO to run the hotel under the brand name Radisson Blue Maldives.
STO had in 2012 secured a USD 32 million loan from Thailand’s EXIM bank to develop the 250-bed hotel.
