Mfar Hotels & Resorts, the hospitality arm of the Kerala’s NRI tycoon P Mohamed Ali’s Mfar Group, plans to invest around $100 million to set up a resort in the Maldives. The company also plans to set up a resort in Sri Lanka.
Hospitality veteran and Chief Operating Officer of Mfar Hotels & Resorts P. J. Mammen said that the company is planning to build a viable circuit connecting the Maldives, Sri Lanka, Chennai and Kochi. He added that both these countries are well connected from Chennai and Kochi.
Presently, he manages the operation of three functional hotels including Le Meridien Kochi, The Westin Chennai and Hormuz Grand Muscat with a combined room strength of 671 rooms and staff strength of 900.
A 130 villa resort in the Maldives is in the design stage, with the potential of adding two more resorts at a later stage.
He said the company will invest around $100 million and said it will look at raising money from PEs to fund the project. He declined to share any details, however, but revealed that the company expects to commence work for the project from third quarter of 2016.
The Sri Lanka project is currently is in the design stage, he said.
Back in India, the company is also looking at Bangalore and Hyderabad as part of its future expansion. He did not give any time frame for the same. Mfar Hotels & Resorts is the hospitality arm of Mfar group, which has interests in realty, hospitality, manufacturing, infrastructure projects and container freight station. The $1 billion group was founded by Kerala NRI Mohamed Ali, who migrated to Dubai. (Source: Business Standard, India)