A long-idle structure in Hulhumalé, once earmarked by State Trading Organisation (STO) for a city hotel nearly two decades ago, is finally set to be transformed into a luxury five-star property through foreign investment.
The Housing Development Corporation (HDC) has signed an agreement with World of Business Pvt Ltd, a joint venture with UAE-based Deep Seafood Company, to redevelop the building as the Manhattan Grand Hotel. The agreement was formalised at a ceremony attended by HDC’s Managing Director Ali Zuhair and World of Business CEO Fahiyas Pangat.
The 158-room hotel will include a banquet hall, conference and multipurpose halls, gym, spa, swimming pool and four international food and beverage outlets. According to HDC, the hotel’s operations will be linked to Velana International Airport, with twelve airlines expected to sign service agreements. Completion of the hotel is targeted for twelve months.
Alongside the hotel, the government will receive dedicated facilities within the building. Three and a half floors will be allocated for a media village, a medical college, a heritage college and a youth centre. These facilities are expected to be completed and handed over within six months at a cost of USD 7 million.
The Hulhumalé City Hotel project, which began 17 years ago, had remained incomplete and unused until this new deal. HDC said the revival of the site as the Manhattan Grand marks a major step in optimising underutilised assets in the rapidly developing urban centre.
