The seller was a joint venture between Universal Enterprises and Marriott International. Both properties will continue to be managed by Marriott under their existing brands.
The resort, a partially completed 48-villa project was sold to OKM Private Limited, a wholly-owned subsidiary of Hawaii-based Outrigger Enterprises Group. Outrigger Enterprises Group will now complete the outstanding construction work and launch the property as its flagship Maldivian resort in 2015.
Minor International announced the acquisition of a 50% stake in NIYAMA, Maldives. NIYAMA is part of the Per AQUUM brand, which MINT acquired 50% of in August of this year. The total investment in NIYAMA is USD 22.5 million.
Property was sold to Leisure Frontiers Limited, a subsidiary of Singapore-based Hotel Properties Limited. Six Senses Hotels, Resorts & Spas will continue to manage the resort.