The government divested its 30% stake in the Shangri-La Villingili resort in Addu City.
Speaking to the press after an amended lease agreement was signed with Addu Investment Pvt Ltd, Tourism Minister Dr Abdulla Mausoom said the government hopes relinquishing its shares would facilitate the reopening of the resort.
The Villingili Resort & Spa in the southernmost atoll was shut down due to the pandemic in April 2020.
Built on one of the largest islands in the Maldives at 50 hectares, the resort comprises of 132 luxury villas including Overwater Villas, Private Beach Villas, Tropical Tree House Villas and two Presidential Villas as well as six restaurants and bars, an award-winning spa, two tennis courts, three natural lagoons and a nine-hole golf course.
Villingili can be reached either via a 70-minute flight from the Velana International Airport or a five-minute speedboat ride from Gan International Airport in Addu.
In February last year, Mausoom told parliament that the government was in the process of selling its stake in the resort.
“Under the agreement with Addu Investment Pvt Ltd, in a situation where the resort faces a loss, the government has to participate in the loan issued for financing the loss. As such, the government now owes US$68 million to the company as loan financing,” he said at the time.