Reethi Beach Ends Operation under Mahogany Pvt Ltd

Monday 11th of May 2020

Reethi Beach Ends Operation under Mahogany Pvt Ltd

Reethi Beach Resort stopped operations under its long-time management, as the owners take over the operations of the resort. Mahogany Pvt Ltd, which had been operating the resort for the past 20 years, but the company’s management agreement expired at the end of April.

RBRM Pvt Ltd, a subsidiary of Singapore-based investment firm SC Capital Partners Group, has now taken over the operations of the resort. RBRM purchased the leasehold rights of Fonimagoodhoo island at a foreclosure auction in 2015 after the local leasehold company failed to repay a bank loan. Despite the ownership change, the existing management agreement with Mahogany remained in place until its expiry in April 2020.

The resort, located in the north-east of Baa Atoll on tiny Fonimagoodhoo Island measuring just 600m by 200m, is accessible by a scenic 35-minute seaplane flight from the Velana International Airport. Reethi Beach is nestled amidst lush vegetation shaded by graceful palm trees and surrounded by a white sandy beach and a lagoon of crystal clear water, with a beautiful house reef just 30m to 100m from shore.