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DUSIT PLANS TO DEVELOP RESORT IN MALDIVES

Dusit Thai Properties plc a subsidiary of Dusit Thani plc, has in principle approved the investment of the acquisition of Mudhdhoo Island in Baa Atoll of the Maldives, for the development of a resort. The board of directors of the company approved the non-refundable deposit of US$500,000 for the exclusive rights for the appraisal of the island for development.

The resort is planned to have 100 villas, a spa, 3 restaurants and bars and also utilities required. In their filing to the Thai Stock Exchange, the company stated that the resort is under construction which is already completed approximately 80 percent. This includes leasehold rights for 33 years commencing from year 2011 to 2044 in amount of US$60 million.

Dusit will be investing another $17 million for the completion of the hotel and also to cover the pre-opening expenses. Dusit Thani plc is currently on the lookout for a co-investor, but is clear on the fact that Dusit Thai Properties plc will hold 50% stake in the investment.

According to Dusit Thani, “The company has carefully considered the growth and profitability of this project based upon the high potential for tourism of Maldives which has been growing stronger continuously. Despite the world’s economic recession and financial crisis during the past two years, Maldives has proved to be resistant to such adverse circumstances as can be seen by a slight drop in the number of tourist arrivals compared to those of other tourist destinations.”

The company expects to reap benefits from the influx of tourists to the 5-star hotels from the Maldivian markets, stating “higher average room rate and occupancy rate than other locations” and also the beautiful environment and climate the Maldives is famed for and that draws tourists to the luxury travel destination year-round, from around the world.

“The company’s investment in Maldives is, therefore, deemed to have good returns which will eventually help increasing the parent company’s revenues and expanding the reach of our brand into one of the world’s most popular tourist destinations.”

With 60 years of experience in hospitality, the Dusit Thani Group of companies and over 22 hotel properties located in Thailand and other countries, this investment in the Maldives will no doubt bring forth benefits to investors and Maldives.

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