STO secures financing for Radisson Blu Hotel in Hulhumalé
Maldives Promotion House – State Trading Organization (STO) and Export-Import Bank of Thailand (EXIM Thailand) co-signed a USD 32 Million syndicated loan agreement on 30th October.
Under the agreement Exim Thailand and Bank of Maldives will jointly finance STO’s construction of the 5-star, 250-room Radisson Blu Hotel in Hulhumalé.
The Radisson Blu Maldives Hulhumalé is located on Hulhumalé Island, north of Malé, and will provide a private jetty for transportation to and from the hotel.
Opening in November 2013, the hotel will feature 250 rooms, an ocean-view restaurant and a health club including a gym and spa. The property will also offer extensive ballroom and banqueting facilities, with specially designed conference services.
Construction of the hotel was started in October 2011 and major construction works will be completed by February 2013 according to STO. Hotel is expected to open in November 2013.