Singapore, 6 October 2016 – 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."
Grand Park Kodhipparu, Maldives is located on the North Male Atoll and 15 minutes' speedboat ride from the Male International Airport. Designed by the world-renowned hospitality design firm, Hirsch Bedner Associates, the luxury resort features 120 idyllic villas comprising a range of beach-front pool villas, overwater villas with direct access to the crystal-clear turquoise waters and overwater pool villas that come with a private infinity pool. The resort will offer two restaurants, a harbour beach club and pool bar. Recreational facilities including a swimming pool, gymnasium, sunrise yoga deck, wellness centre with spa and salon treatments, water sports and dive centre, children's activity centre and specialty shops are also available. This is Park Hotel Group's second resort property in the portfolio after the opening of Park Hotel Nusa Dua, Bali last year.
"We are committed to growing our brand presence and to be able to fulfil this vision with our trusted partners like CES allows us to access new markets with increased confidence as we seek to combine resources and capabilities to achieve scalability, efficiency and success. Maldives, with its pristine natural landscape and 'one island, one resort' concept has established itself as a leading and an exclusive resort destination over the years," said Mr Allen Law, Chief Executive Officer of Park Hotel Group.
"Ongoing government initiatives such as the 2016 yearlong marketing campaign, expansion plans for the Male International Airport backed by a strong destination brand image as well as additional flight options from key feeder markets signal a continued positive tourism outlook for Maldives. This, combined with the rising affluence in Asia, a segment that has shown consistent growth also ensures an anticipated healthy performance in hotel occupancy and average room rates." added Mr Law.
Park Hotel Group owns and manages 15 properties in 8 countries and 11 cities. Named "Best Regional Hotel Chain" in the TTG Travel Awards for five consecutive years (20 12-20 16), the Group endeavours to create unique and memorable travel experiences, and to bring joy to its guests as it continues to grow its footprint across Asia Pacific. Since August last year, the Group has been expanding into new destinations in Australia, Malaysia and most recently last month, South Korea. In addition to Grand Park Kodhipparu, Maldives, the Group will open two other hotels, Park Hotel Farrer Park in Singapore and Park Hotel Yeongdeungpo, Seoul next year.
