MTDC invites proposals for Herethere

Monday, 22 February 2010 23:43

Maldives Tourism Development Corporation (MTDC) has opened the opportunity for interested parties to submit proposals to operate Herethere Island Resort.MTDC said the Directors Board of the company decided that it will be better for an experienced and capable party to run the 456 bed resort in Addu Atoll.
According to the tender announcement, the opportunity is open to both local and international parties with a minimum experience of running a 4 or a 5 star, 300 bed hotel for five years. The applying company should be able to procure funds from an international bank.
The company should also pay a non-refundable deposit of US$ 7 to 10 million at the time of signing the contract.Managing Director of MTDC said the advance payment will ensure that the successful company is capable of managing the resort.“Herethere has received a permanent license to run the resort. There are 150 tourists in the resort, at present.
The company will earn income even at the beginning. We considered everything and decided that a large sum of money should be paid in advance by the company, as a commitment.” He said.According to the announcement, the successful company will be selected by referring to the experience and financial capabilities. The company should submit supporting documents as proofs for its experience, financial situation and availability of funds.MTDC has not revealed the duration of the agreement.
The company however, said the duration of the contract will be concluded by referring to the proposal submitted by the successful party.Government issued the license to MTDC at US$2500 per bed rate.MTDC signed an agreement on May 26, 2008 with Yacht Tours to operate the resort for 20 years at a rate of US$ 18,196 per bed. However, MTDC is managing the resort since 25 December 2009, as the agreement with Yacht Tours was terminated. Disputes between the two companies were settled outside the court.

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