Aitken Spence acquires two new resort properties

Aitken Spence Hotels has acquired two new properties in the Maldives for resort development, making the Sri Lankan company the largest foreign resort operator in the country.

According to TTG Asia, Aitken Spence revealed yesterday that it has leased the island of Raafushi in Noonu atoll for US$5 million for the development of a four-star resort.

The company also plans to invest US$50 million to develop a five-star resort with 163 rooms on the island of Aarah in Raa atoll.

The hospitality group also operates resorts in Meedhupparu, Hudhuranfushi, Rannalhi and Vadoo in the Maldives under its Adaaran brand.

Maldives Capital Market Development Authority CEO Ahmed Naseer told Sri Lankan newspaper the Daily Mirror: “We have potential future developments for over 60 islands with about a US$2 billion financing requirement and an airport development with another US $400 million financing requirement.”