S Hotels & Resorts- US$60m Resort in Crossroads

Thursday 20th of February 2020

S Hotels & Resorts- US$60m Resort in Crossroads

S Hotels & Resorts (SHR) and EWD is to develop a high-end lifestyle resort worth US$60 million on Island 3 in the CROSSROADS. SHR reaped US$16.2 million by selling 50% stake to EWD as part of this joint venture.

In late 2019, SHR announced its joint venture with EWD, a business conglomerate from Myanmar which has various business interests in property development, mining, automotive and food.

The new resort will host 80 spacious villas at a price point of $900-$1,000 per night. “The new high-end lifestyle resort on Island 3 will be a new choice for visitors, allowing CROSSROADS to extend and diversify its experiential offerings to the market,” said Mr. Chairath, Chief Financial Officer of SHR.

SHR currently has two lifestyle resorts, SAii Lagoon Maldives, Curio Collection by Hilton on Island 1 and Hard Rock Hotel Maldives on Island 2. It also owns The Marina at CROSSROADS.