Government to Relinquish Shangri-La Villingili Stakes
Shangri-La Villingili Resort & Spa is a three-km-long archipelago studded with 147 villas and over 12-hectares of lush foliage. The Hong-Kong multinational hospitality brand was developed in Addu through collaborative investments of Addu Investment Pvt (70 percent) and the government of Maldives (30 percent).
Last month – during a visit to Addu City – President Ibrahim Mohamed Solih stated that the company has been functioning in a negative financial position; should the government release its shares, they would be obliged to pay $70 million. He also believes that the ideal move would be cutting down the losses and leaving Shangri-La.
Speaking at the parliament in 2022, Minister Mausoom highlighted that the government – although owned 30 percent of the shares – was not receiving any [financial] benefits. Even still, the state stands liable for measures taken to mitigate the financial losses; hence, the state was seeking a solution that would allow the state to move forward by releasing the shares back to the resort. In order to do so, the state sought an amendment to the tourism act, which would enable Addu Investments to purchase the shares from the government. Even with the amendment in place, the government would need to settle an amount of MVR 80 million in order to transfer the shares.
Speaking to the parliament on Tuesday, 14th February 2023, the Minister Dr. Abdulla Mausoom stated that the state has been looking forward to the reopening of the property for the past two years. The minister also highlighted that they have given their best effort by lowering the island’s rent as much as possible. The government has formally informed Addu Investments Pvt on the decision and proceedings will commence once the company responds.
The property, which has been in operation since 2009, closed its doors to visitors in April 2020 in response to the Covid-19 pandemic. Minister Mausoom concluded his statement on Tuesday, expressing that they eagerly await the reopening of the property upon the resolvement of issues surrounding Shangri-La.
Featured Image: Shangri-La Villingili
Related Posts
Outrigger Konotta Maldives unveils scintillating new dining options
[vc_row][vc_column][vc_column_text]The Outrigger Konotta Maldives Resort has unveiled three scintillating new Asian dining initiatives full of flavour, variety and fun. The sizzling new sensations include an Asian Street Food Market, the Konotta Hot Pot Experience, and the Indian Ocean Thali Taster Meal. “Variety, informality and authentic flavours are at the heart of our new creations at […]
Kuoni to Sell Tour Operating Business
“Kuoni firmly believes that the outbound business can be better developed under new ownership, potentially leveraging scale or specific local strengths,” the company revealed in a press release on January 14. “Kuoni will seek assurance about the continuation of the existing business locations and the continued employment of staff.” While it expects to find new owners during 2015, the company stressed that customers and their current or future bookings would not be affected by the decision.
Chef Ahmed Fatheen crowned Knorr Master of Seasoning
[vc_row][vc_column][vc_column_text]Chef Ahmed Fatheen has been crowned The Master of Seasoning, at the internationally renowned event organised by Knorr. The event was held from September 17 to 21 in the United Arab Emirates (UAE). Chef Fatheen brought home the title by competing with leading chefs from eight Asian and Middle Eastern countries. Master of Seasoning is […]
