10 offers have been made to acquire the 250-room hotel in Hulhumalé, which the State Trading Organisation (STO) borrowed USD 32 million to build, STO has said on Sunday. 

STO’s management told a press conference that 10 buyers submitted proposals for the hotel, of whom they are currently negotiating with five.

Four of said five companies are foreign, STO’s chief finance officer Mohamed Mihaad said at the conference, adding that they have been in contact with all of them, and a final offer and bid is ready to be made. 

The company announced the hotel’s availability in December, and accepted expressions of interest until January 15th. 

STO acquired the USD 32 million loan to finance the project from Mumbai-based EXIM Bank and its development started in 2011, by then STO director Shahid Ali has a means of curbing foreign currency deficit. 

The property was managed until 2014 by the Radisson Hotel Group.