Chip Eng Seng Corporation Ltd (CES) and Park Hotel Group announced today that they have entered into a Joint Venture Agreement to invest in a resort project in the Maldives.
Under the Agreement, CEL Development Pte Ltd, a wholly owned subsidiary of CES holds an interest of 70% while Grand Park Maldives Pte Ltd, a member of Park Hotel Group owns the remaining 30%.
The joint venture has entered into a Sales and Purchase Agreement for the Maldives resort with Kodhipparu Investment Private Limited for US$65 million. The transaction was brokered by JLL’s Hotels and Hospitality Group as exclusive advisor to the vendor.
The joint venture also marks the appointment of Park Hotel Group to manage Grand Park Kodhipparu, Maldives, scheduled to open in the 2nd quarter of 2017. The 120 all-villas Grand Park Kodhipparu, Maldives is Park Hotel Group’s second partnership with CES, following the Hotel Management Agreement for Park Hotel Alexandra which opened last year.
Executive Chairman of CES, Mr Raymond Chia said, “We are delighted to acquire Chip Eng Seng’s first resort property in Maldives as part of the Group’s strategy to expand our Hospitality Investment portfolio. We are confident that our partnership with Park Hotel Group, one of the most established and fast expanding Asian hospitality brands, will be a winning formula as we aim to continue our successful partnership following the opening of our first hotel, Park Hotel Alexandra. We believe we will create a new and very special hospitality experience for our guests when the resort opens in 2017.”