Minister of Finance and Public Enterprises Hassan Zareer has described the opening of the five-star Manhattan Grand Hotel in Hulhumalé as a major step forward for the country’s tourism industry and economy.
Zareer graced the hotel’s official opening ceremony on Saturday night and thanked everyone who helped bring the long-delayed project to completion.
In a post on X after the ceremony, the minister said opening the hotel was a great joy for him. He added that he expects it to give strong support to tourism, investment and the country’s economic growth.
The project began in 2008, when the State Trading Organization (STO) signed an agreement with the US-based Carlson Hotel Group to build a city hotel. Construction started in 2012 under the Radisson Blu brand, but stalled after about MVR 115 million had been spent.
Under the current administration, STO and the Housing Development Corporation (HDC) reached a settlement that valued the building at about USD 20 million (MVR 308 million) and exchanged it for land in Hulhumalé Phase 2.
HDC then handed the build to World of Business Pvt Ltd, the local arm of Dubai’s Deep Sea Food Company, which completed it in a record 14 months and 19 days.
Designed with motifs inspired by Malé’s historic Friday Mosque, the hotel has 162 rooms across eight categories, a 7,500 sq ft ballroom, two terrace event halls, four restaurants, a pool, gym and spa.
It is expected to bring the state about USD 3 million a year in tax revenue. It also fulfils President Dr Mohamed Muizzu’s pledge to build a quality transit hotel close to Velana International Airport.
Three and a half floors of the building are set aside for government use, including a planned media village, an e-sports centre for young people, and heritage and medical colleges.
