The Dusit Thani Public Company Limited (DTC) has divested their resort outlet, the Dusit Thani Maldives, to its subsidiary act, Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) for USD63 million, which is equivalent to MVR 971 million.
DTC, one of the leading hotel and property development companies from Thailand, has stepped forward with the sale as part of a strategic move in hopes to increase the appeal of DREIT to investors as well as for DTC to “recognize gains from sales.”
The move would also allow DTC to obtain revenue from the property and receive dividends from DREIT.
The DTC Group Chief Executive Suphajee Suthumpun said, “In line with our vision for sustainable and profitable growth, we are continuously seeking ways to improve the efficiency of our asset portfolio to enhance revenue creation, generate returns and source funds to aid in our business expansion.”
The divestment move was approved during a recent Board of Directors meeting at DTC, to dispose rights and leasehold rights in Dusit Thani Maldives for not less than 2,304 million baht or USD63 million.
With its acquisition of Dusit Thani Maldives, DREIT will be issuing an offer for sale at approximately 365,000,000 new trust units as part of the source of funds. The parent company’s board had also approved in a resolution to subscribe for the “newly issued investment units of DREIT in accordance with the rights offering.”
Dusit Thani Maldives is situated in the island of B. Mudhdhoo at the first ever UNESCO Biosphere reserve of Maldives and has been an ideal resort destination that juxtaposed Thai hospitality with the unrivalled luxury setting of the Maldives.
The resort consists of 94 high-end villas encircling the white sandy beaches, and the resort comes with a natural 360-degree house reef and beautiful lagoon.
Other prominent features of the resort include a 750-square meter infinity swimming pool with five restaurants and bars as well as a Kids Club. The island is also home to one of the oldest Banyan trees in the region.
The resort’s Devarana Spa is an award-winning spa with six deluxe treatment pods and includes services ranging from manicure, pedicure, steam and sauna as well as a private outdoor pool.