Barceló Hotel Group has signed a joint venture with Browns Investments to develop the Bodufaru Beach Resort in the Maldives’ North Male Atoll.
Browns is a subsidiary of LOLC Group, one of Sri Lanka’s largest business conglomerates.
Due to open in 2022, the resort will include three five-star hotels with a total of 470 rooms, equating to an investment of $150 million.
The agreement, which will allow Barceló Hotel Group to position itself in Asia, also includes the transfer of management of four more hotels to Barceló Hotel Group, which are owned by Browns Hotels & Resorts.
This includes two hotels under construction in the Maldives (Bodufinolhu Beach Resort and Nasandhura City Hotel) and two already operating in Sri Lanka (the Eden Resort and Spa and Paradise Resort and Spa).
This will raise Barceló Hotel Group’s footprint in the region to a total of seven hotels and 900 rooms.
Raúl González, chief executive of Barceló Hotel Group for EMEA, said: “Entering the destinations of Sri Lanka and Maldives has always been in our long-term expansion plan.
“However, venturing into new countries often involves risks that we do not know about, so we needed to find a suitable local partner.
“We have achieved this with LOLC Group and its hotel division Browns Hotels & Resorts.
“We were impressed by the quality of their products and the visibility provided by their extensive portfolio; but also, their proactive attitude when designing the best possible agreement for both sides, with a view to continuing our joint growth in the region.”