Thai residential property developer, Amari Estates Company, has won the lease management contract for the four star Herathera Island Resort in the south Maldives, a twenty minute speedboat ride from Gan International Airport.
Refurbishing and rebranding the resort will cost over 100 million baht (USD3.31 million) and an official agreement will reportedly be signed on January 15th 2011.
The Herathera Island Resort forms part of Amari Estates’ expansion plans in Asia. Future projects include the development of a six hundred million baht (US$19.8 million) three star, two hundred room hotel, under the Ozo brand name, in Koh Samui, Thailand, set for completion in 2012.
This year, Amari Estates will invest in three other properties in Thailand with a total project value of almost 5 billion baht (US$166 million); Oriental Residence in Bangkok, Amari Residences Hua Hin and Amari Hua Hin.