STO’s Hulhumalé hotel to be completed in one year
31 Mar 2014, 3:55 PM
Daniel Bosley
The State Trading Organisation (STO) – Maldives’ primary wholesaler – has told local media that the five-star hotel it is developing in Hulhumalé will be fully completed in 12 months’ time.
Managing Director Ali Azim told Sun Online that he expected some rooms to be completed and available for use by January 2015.
The original contract for the development of the 250-room Radisson Blu Hotel was signed between the STO and the US Carlson Group.
Financial constraints delayed the start of the project until 2011, while the STO signed a US$32 million syndicated loan agreement in October 2012 to finance the development.
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