Malé, Maldives – Reollo Investment Pvt Ltd has expressed interest in buying the Shangri-La’s Villingili Resort & Spa, Maldives in Addu City, which has been closed for nearly three years.
Although Reollo company has not yet officially commented on the matter, but government officials have confirmed that talks are underway as the company has expressed interest.
The government’s stake in Shangri-La will be sold to the company according to the information obtained by The Times of Addu. The government holds a 30 percent stake in Addu Investments Pvt Ltd, the company that developed the resort.
Villingili Resort and Spa by Shangri-La is an upmarket tourist destination located in the southernmost Addu City and is just five minutes away from Gan International Airport by speedboat. It is a fifty-hectare large resort with an award-winning spa, luscious tropical beauty, 3 restaurants and 3 bars, and boasts of the only nine-hole golf course in the Maldives.
The luxury resort shut down indefinitely during the Covid-19 pandemic, suffering huge losses due to global travel and health restrictions. Villingili Resort along with Canareef Resort are two important sources of income for the city. Canareef Resort has reopened for business after being closed due to the Covid-19 pandemic while Shangri-La’s Villingili Resort and Spa remain closed.
Reollo Investments, which also operates the Kandima Maldives resort as well as Dhaalu Airport operates Manta Airlines in Maldives. Reollo is led by Sanjay Ibrahim Maniku, son of local conglomerate Universal Enterprise’s shareholder late Dr Ibrahim Maniku.
Other resorts operated by the directors of Reollo under the name of Pulse Hotels & Resorts include Kandima Maldives, The Nautilus Maldives and Nova Maldives. Their new property, Avalon Private Residences Maldives is set to open this year.
