MTDC to sell Herethere for $33.3 million

Maldives Tourism Development Corporation (MTDC) has decided to sell Herethere Resort for $33.3 million.

The resort, located in southern most Addu atoll, is valued at approximately $55 million. Executive Director of MTDC Ahmed Niyaz told Sun today that they received bids from four parties and that the company has decided to sell the property to the highest bidder, a Singapore company.

“We are working on selling Herethere to the highest bidder, a Singapore company,” said Niyaz.

MTDC ceased operations of the 540-bed property in June after stating that the resort was operating at a loss. The company then decided to sell its most valuable asset for $30 million to Treetop Investments, a company owned by local tourism magnate and entrepreneur Champa Hussain Afeef. However, following a shuffle of MTDC's board of directors, MTDC retracted its commitment to Treetop and opened the property for fresh bids.

Two different parties have tried to manage the resort previously. The company to manage the resort last was ONYX, a company from Thailand, had abandoned the resort in February 2012.