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Dusit Thani to divest Maldives resort to subsidiary in $63 mln strategic move

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Dusit Thani Public Company Limited (DTC), one of Thailand’s leading hotel and property development companies, has announced plans to divest Dusit Thani Maldives to its subsidiary, Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT).

The sale, which is valued at more than 2 billion baht (USD 63 million), is part of a strategic move designed to enhance DREIT’s appeal to investors whilst allowing DTC to recognise gain from sales, continue to obtain revenue from the property, and receive dividends from DREIT.

“In line with our vision for sustainable and profitable growth, we are continuously seeking ways to improve the efficiency of our asset portfolio to enhance revenue creation, generate returns, and source funds to aid in our business expansion. Recently DTC’s Board of Directors approved a resolution to dispose rights and leasehold rights in Dusit Thani Maldives worth not less than 2,304 million baht, subject to shareholders’ approval,” Suphajee Suthumpun, Group Chief Executive at DTC, was quoted in a statement, as saying.

“The sale of Dusit Thani Maldives to DREIT would bring numerous benefits for DTC and DREIT. DTC could recognise gain from the sale, continue to obtain revenue from the property under the lease agreement and hotel management agreement, and also enjoy consistent return from investment in DREIT. Meanwhile, the acquisition of Dusit Thani Maldives would enable DREIT to generate attractive return to unitholders. Furthermore, the increase in fund size would improve the unit trading liquidity, making it more appealing to investors.”

With the acquisition of Dusit Thani Maldives, DREIT plans to issue and offer for sale approximately 365,000,000 new trust units as a part of the source of funds. DTC’s Board of Directors also approved a resolution to subscribe for the newly-issued investment units of DREIT in accordance with the rights offering. This would allow DTC to maintain its investment proportion and receive the dividend from DREIT to use for working capital and further investment.

Located on Mudhdhoo Island in Baa atoll — the Maldives’ first ever UNESCO biosphere reserve — Dusit Thani Maldives blends gracious Thai hospitality with the unparalleled luxury setting of the Maldives. This luxury island resort comprises 94 villas encircled by white sandy beaches, a stunning 360 degree house reef and a turquoise lagoon. With a unique combination of beach and lagoon accommodation, Dusit Thani Maldives provides an unmatched luxurious escape for all travellers.

The resort offers a 360 degree vibrant house reef compliment with a turquoise lagoon, a 750-square metre infinity swimming pool with a lush Banyan tree in the centre, five restaurants and bars with breathtaking views and a Kids Club that is committed to making children’s dreams come true.

The award-winning Devarana Spa at Dusit Thani Maldives encompasses six deluxe treatment pods, which sit elevated amongst the island’s palm trees. For those who prefer to keep their feet firmly on the ground, the spa has also developed two stunning ground level treatment rooms. Manicure and pedicure-dedicated area, private outdoor pool, steam and sauna are exclusively available for spa guests.

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Maldives celebrates arrival of 2024’s 1 millionth tourist

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Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

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New air route connects Chongqing to Maldives

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Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12. 

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CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

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CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.

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