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Posted: 06 Jun 2011 | 6:00 am
Thai hotel chain Dusit Thani have acquired a 100 villa partially completed resort in the Maldives.
Through a subsidiary company the hospitality group's Directors have approved the investment, subject to final conditions.
Located on Baa Atoll's Mudhdhoo Island the resort is 80% complete. According to documents filed with the Stock Exchange of Thailand the rights to lease will run for 33 years and cost approximately USD60 million along with the nearly completed structures.
Dusit expects to inject another USD17 million in order to finish the outstanding work and open up the resort.
The Maldives continues to be one of the world's premium leisure destinations and other Thai based groups in the market include Anantara and Centara.
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