Finolhu Resort is one of the most luxurious resorts in the Maldives. It is known for its stunning beaches, crystal clear waters, and a plethora of recreational activities.
But have you ever wondered who owns this magnificent property? In this article, we will delve into the ownership of Finolhu Resort.
Overview
Located on Baa Atoll, Finolhu Resort is a 125-villa property that spans across four islands. The resort offers a unique experience to its guests with its vibrant retro-chic design and lively atmosphere. It is managed by The Small Maldives Island Co (TSMIC), which is a subsidiary of Singapore-based hotel management company, Banyan Tree Holdings.
The Ownership
The ownership of Finolhu Resort can be traced back to Coastline Hotels and Resorts Pte Ltd., which is a Singapore-based company. In 2014, Coastline Hotels and Resorts Pte Ltd acquired the property from Meridian Hotels & Resorts Limited for an undisclosed amount.
Coastline Group
The Coastline Group was founded in 1994 by Mr. Suputra Chirathivat, who is a member of one of Thailand’s most prominent families in the retail industry – Central Group. The group has various interests in real estate development, hospitality management, and lifestyle retail businesses.
The Sale
In 2016, Coastline Hotels and Resorts Pte Ltd sold the Finolhu Resort to German asset manager – Commerz Real AG for $90 million. The sale was made as part of Commerz Real’s plan to invest €400 million in hotels worldwide.
TSMIC Management
Following the sale of Finolhu Resort to Commerz Real AG, TSMIC was appointed as the resort’s management company. TSMIC is a joint venture between Flight Centre Travel Group, a leading travel agency and Banyan Tree Holdings, a renowned hotel management company.
Conclusion
In conclusion, Finolhu Resort is currently owned by Commerz Real AG, a German asset manager. However, the property is managed by TSMIC, which is a joint venture between Flight Centre Travel Group and Banyan Tree Holdings. The resort’s ownership has changed hands over the years but it still remains one of the most sought-after properties in the Maldives.
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