S Hotels and Resorts has announced a joint venture with a strategic partner to develop an 80-key high-end lifestyle resort in the CROSSROADS Maldives.
Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts Public Company Limited revealed, “On November 14, 2019, S Hotels and Resorts entered into a Joint Venture Agreement in accordance with the investment in a high-end lifestyle resort on Island 3 of the CROSSROADS Maldives project with our strategic partner, Eco World Developer Holding Company Limited (EWD) – a conglomerate business partner from Myanmar who invests in various business sectors including properties, mining, automotive, and food and beverage businesses. “
This agreement marks another remarkable milestone for the S Hotels and Resorts to explore the expansion of the hospitality business in the Maldives.
The resort on Island 3 of the CROSSROADS project will be composed of 80 spacious villas with the majority of the inventory as water villas at a price point of $900-$1,000 per night, which strengthens CROSSROADS position with a more diversified portfolio in the market.
CEO of S Hotels and Resorts, Mr. Dirk De Cuyper further remarked that “having an exceptional partner such as EWD allows the company to be even more confident to further realize the success of CROSSROADS project and as well to successfully achieve our revenue and earning target.”
The company intends to begin the resort construction in 2020 and to commercially open by 2022.