Leading Thai hospitality group Centara Hotels & Resorts has signed a new hotel management agreement for its fourth beach resort in Maldives, Centara Grand Muthaafushi Resort & Spa Maldives.

In a statement, Centara said the agreement was signed with Maldivian companies Muthaafushi Orient Investments Limited and Well Land Investment to manage and operate the new five-star resort in Baa Atoll. The new resort is expected to have soft opening in the fourth quarter of next year, followed by the grand opening in 2019, it added.

Centara Grand Muthaafushi will comprise 24 land villas and 77 water villas with an array of international restaurants including an underwater restaurant, a floating cinema, a dedicated Thai spa, a fitness centre and other facilities expected in a Centara Grand resort.

“We are delighted to be selected by Muthaafushi Orient Investments Limited to manage and operate their new five-star resort in the Maldives. We believe that Centara Grand Muthaafushi Resort & Spa Maldives will fit well into our Centara Grand resort portfolio. This expansion of the business in the Maldives is in line with Centara’s growth strategy to strengthen our presence both in the South Asian region and internationally,” Centara Hotels & Resorts’ CEO Thirayuth Chirathivat was quoted as saying in the statement.

Mohamed Hameed, Director of Muthaafushi Orient Investments Limited, said, “It was an esteemed pleasure for Muthaafushi Orient Investments Limited to embark on this partnership with Centara Hotels & Resorts for the new Centara Grand Muthaafushi Resort & Spa Maldives. It is a great opportunity for us to work with such an eminent hospitality brand of the Thai origin as Centara, who brings with it long legacy of success in operating both owned and managed properties in popular tourist destinations worldwide.”

According to Centara, Avista Asset Management, a real estate asset management company from Singapore, built an investment case to identify potential joint venture partners which led to the teaming up of Muthaafushi Orient Investments Limited, China Orient Asset Management (International) Holding Limited and Centara Hotels & Resorts.

Avista Asset Management has been appointed as the development and asset manager of this project by Muthaafushi Orient Investments Limited. Avista Asset Management will continue to work closely with all the stakeholders, and manage the development and asset management of Centara Grand Muthaafushi Resort & Spa Maldives.

Located approximately 123 kilometres north west of the Maldives’ main Velana International Airport, Baa Atoll consists of 75 islands dotted around three separate natural atolls, and is home to some of the richest biodiversity in the region. The atoll has been declared a UNESCO World Biosphere Reserve, placing it in the company of world famous ecological sites.

Centara, which has 65 hotels in total, operates in 10 countries with 22 properties outside Thailand in locations including Vietnam, the Maldives and Sri Lanka. Two hotels are under development in China and 10 others are planned in various countries, including three investments and seven management contracts.