STO to finance construction of 5 star hotel

Saturday, 15 March 2008 18:56

State Trading organization (STO) has revealed that the construction of the 5 star hotel to be constructed by the company in Hulhumale’ will be funded directly by the company.

Chief Executive Office of STO Ahmed Mohamed speaking to Miadhu Daily said that the construction of the 5 star hotel will be funded directly by STO. He further said the hospitality industry is a specialized trade and as such the management of the hotel will be assigned to a suitably experienced party. In this regard CEO said the company was looking in to the possibilities of giving the management to an international party with experience in tourism management.

CEO revealed that at this point in time it was difficult to reveal the identity of the party the company was negotiating with. However an agreement would be signed by the end of the month. CEO revealed that under the agreement the party would manage the hotel according to business plan agreeable to STO. CEO also said even though the hotel will be managed by a foreign party STO will closely monitor the development of the hotel.

Hulhumale’ Development Corporation (HDC) earlier revealed that STO won the bid to construct the 5 star hotel at Hulhumale’ by competing against 8 other parties. Vista Company and Travel Services was closest competitor in the bidding process said HDC.

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