Business
Minor Hotels sells three Maldives resorts, retains management

Thailand’s Minor Hotels has sold three hotels in Maldives.
As part of its asset rotation strategy, parent company Minor International sold the leasehold rights of three Anantara-branded resort islands, along with the island, which houses the staff facilities of the three resorts: Dhigufinolhu island, home to Anantara Dhigu Maldives Resort; Veliganduhura island, home to Anantara Veli Maldives Resort; Kudahura island, home to Naladhu Private Island Maldives; and the staff island of Boduhura.
The islands are situated within the same lagoon, in close proximity to capital Male and the main Velana International Airport.
The transaction, worth 1.35 billion Thai Baht (USD 43 million), was completed in the last quarter of 2019.
However, Minor Hotels will continue to manage the three resorts under its Anantara brand.
“The cash proceeds were used to repay existing debt, and the gain on sale of such assets further solidified its equity base. As a result, MINT’s [Minor International’s] leverage position continued to improve, with its debt-to-equity ratio falling to 1.3x as at end of 2019,” Minor International’s Q4 2019 performance analysis report read.
The transaction improved MINT’s balance sheet, while MINT continues to manage the properties, which remain under its brands and continue to generate ongoing management fees.”
Minor Hotels did not disclose the buyer, but local media reports from the Maldives identified the buyer as US venture capital firm Blackstone.
This is the third major investment in the Maldives by Blackstone, the largest alternative investment firm in the world.
Blackstone had earlier this year acquired the leasehold rights of Conrad Maldives Rangali Island resort from local owner Crown Company for an undisclosed sum. The resort continues to be run managed by Hilton Worldwide, under its flagship Conrad Hotels and Resorts brand.
In February 2013, Blackstone acquired controlling stakes in Trans Maldivian Airways (TMA) and its sole competitor Maldivian Air Taxi (MAT). The two seaplane operators were merged under the TMA brand, creating the largest seaplane operator in the world.
A consortium led by US-based Bain Capital and Chinese conglomerate Tempus Group had in 2017 bought TMA from Blackstone for USD 550 million.
In addition to the three resorts sold, Minor Hotels owns and operates Anantara Kihavah Maldives Villas in Baa atoll and Niyama Private Islands Maldives in Dhaalu atoll.
This latest sale comes amidst increased activity in the Maldives hospitality industry.
Traditionally dominated by Asian investors, the Maldives is now attracting new sources of cross-border capital from Europe and the US. In the first six months of 2019, investments from new sources of capital represented USD 300 million, compared to the annual average deal volume of USD 120 million per year.
In April, German-based Seaside Hotels & Resorts acquired Finolhu Maldives, a resort in Baa atoll, for approximately USD 90 million.
Business
Atmosphere Core expands in South Asia with Atmosphere Living ultra-luxury residences

Atmosphere Core, a globally renowned name in hospitality, has announced the launch of Atmosphere Living as part of its continued expansion in South Asia. Headquartered in India, this new company will offer branded ultra-luxury residences with customised end-to-end amenities and indulgences, including coffee lounges, wine cellars, private transport, and bespoke concierge services.
The global branded residences market has experienced a remarkable 150 percent growth over the past decade, and projections indicate a surge in demand. With the real estate veteran Sandeep Ahuja at the helm as Managing Director, Atmosphere Living is strategically positioned to capitaliSe on this demand.
Atmosphere Living will focus on a conscious design philosophy. All properties will be built in harmony with the environment and will incorporate features such as smart recycling, efficient waste and water management, and green energy solutions.
Sharing his insights on the launch, Salil Panigrahi, Managing Director, Atmosphere Core, said, “Atmosphere Living will bring a distinctive offering to India, and is a brand to watch out for. It will combine Ahuja’s decades of experience, knowledge, and industry network in real estate with Atmosphere’s hospitality expertise, introducing unparalleled serviced residences in India.”
Positioned in major metropolitan areas, established second-home destinations, and undiscovered scenic locales nationwide, these projects will also present lucrative investment opportunities. Elite homeowners will have the option to lease their residences back to Atmosphere Living, allowing them to be rented out for income generation.
Sandeep Ahuja, Managing Director, Atmosphere Living, said, “There is currently a gap in the Indian realty landscape for ultra-indulgent serviced homes catering to affluent consumers. We aim to bridge this gap by curating serviced homes that offer indulgences such as entering homes using smart key cards, 24/7 butler services, fine dining, and co-working spaces, among others. Our ultimate desire is to enable our customers to experience a life of true luxury and exclusivity.”
Events
A night of celestial wonders, luxury, and cosmic inspiration at Anantara Kihavah SKY Observatory by British astronaut Tim Peake

Anantara Kihavah Maldives Villas celebrated a historic milestone with the exclusive visit of the renowned British astronaut, Tim Peake. On the evening of November 2, Astronaut Peake hosted an exclusive space talk at SKY Observatory, the finest overwater observatory in the Indian Ocean, housing the most powerful telescope in the Maldives.
Perched gracefully over the pristine Maldivian waters, SKY Observatory provided an idyllic setting for this extraordinary event, complemented by a stunning sunset. The exclusive gathering attracted a full house of eager guests to a delightful evening that seamlessly blended science, luxury, and natural beauty.
The evening commenced with a lovely cocktail reception, where guests were serenaded by the soulful tunes of a live saxophone band. Attendees savoured exquisite cocktails and canapés as they eagerly awaited Tim Peake’s presentation.
Tim Peake’s talk unveiled his personal journey, where he shared his path to becoming an astronaut and narrated the rigorous training that astronauts undergo. He provided insights into life in space, the daily challenges faced by astronauts, and the awe-inspiring experiences he encountered during his
historic mission. He also offered a glimpse into his exciting future projects, leaving the audience both inspired and spellbound.
Following Tim’s presentation, an interactive Q&A session allowed guests to engage directly with the British astronaut. The audience posed thoughtful questions, deepening their understanding of astronauts’ unique experiences and the intricacies of space exploration.
The event was further enriched by the presence of the resort’s three SKY gurus, Hammadh Rasheed, Zunnoon Ahmed, and Ali Arushal, who conducted a stargazing session for the guests afterward.
The success of the event was evident in the overwhelmingly positive feedback from attendees, who left with a deeper appreciation for space exploration and a memorable evening to cherish.
The evening marked a significant moment in Anantara Kihavah’s history, showcasing the resort’s commitment to offering unique and memorable experiences for its guests. The presence of Tim Peake, a celebrated astronaut and highly accomplished author, added an extraordinary dimension to the resort’s already spectacular offerings.
Tim Peake is a renowned British astronaut who made history as the first official British astronaut to visit the International Space Station (ISS) and conduct a spacewalk during his six-month mission. He also achieved the remarkable feat of running the London Marathon from space. Beyond his extraordinary space endeavours, Tim is also a bestselling author with his most recent book Space: A thrilling human history published earlier this month.
An astronomer’s paradise, Baa Atoll in the Maldives, is one of the best places on earth to enjoy stargazing due to its proximity to the equator. Anantara Kihavah Maldives Villas promises a voyage of discovery on a private Indian Ocean Island, with Sky—an overwater observatory and luxury cocktail bar—providing guests a chance to sip champagne under the stars and explore the Universe.
Business
Visit Maldives website adds atolls segment to showcase diverse regions

Maldives Marketing and Public Relations Corporation’s (MMPRC/ Visit Maldives) has added a new segment to the official Visit Maldives Website specified for atolls showcasing the diversity of the Maldives.
The segment, now live at atolls.visitmaldives.com provides in depth information regarding the different regions of the Maldives, divided by atolls, to refine the traveller’s experience, commencing with an in-depth exploration of Addu Atoll and Fuvahmulah Atoll.
With 26 atolls, the Maldives offers a wide array of unique accommodations and awe-inspiring travel experiences, and this informative section of our website will serve as a gateway to discover the hidden treasures unique to each area. This falls under MMPRC’s initiatives to encourage tourism growth in all regions of the Maldives, broadening exposure to the diverse tourism products available in the Maldives.
The goal is to elevate Visit Maldives’ digital marketing landscape by showcasing the Maldives as more than just a honeymoon destination with various accommodation options. This initiative is driven by a desire to increase awareness about the distinctive offerings within each of the Maldives’ atolls. It aims to positively shape their perception of the Sunny Side of Life brand by curating engaging content that highlights the unique features of the atolls and diverse experiences available in the islands.
Additionally, the initiative will target the affordable luxury market to promote the Maldives as the most appealing option for short holidays and weekend getaways under a unified Maldives brand umbrella.
MMPRC aims to continue exploring other atolls in the Maldives as well, encouraging growth and tourism development in all regions of the Maldives, building on the foundation we have created to promote the destination beyond the traditional paradigms of sun, sand, and sea.
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