Sri Lanka’s Sanken continues to place confidence in Maldives tourism

Sanken Overseas Ltd., along with global real estate developer, Singapore Hospitality Holdings Ltd., is currently developing an 80-key luxury resort in the Raa Atoll, Republic of Maldives, which will be operated by Hyatt Hotels Corporation under the lifestyle brand ‘Alila’.

Engaged in a dual role, Sanken Overseas is also the turnkey contractor of this landmark project and the $ 60 million development is expected to be completed by Q3 2021. The syndicated debt financing of $ 30 million for the project is facilitated by Sri Lankan banks, Sampath Bank PLC and Commercial Bank of Ceylon PLC.

Speaking on behalf of the developers, Sanken Deputy Group CEO Mevan Gunatilleke expressed his gratitude to both banks for having a broad understanding on opportunities in the international market and extending their support for the developers. Further, he highlighted that the world will be surprised to see how quickly tourism in Maldives and the rest of the world will bounce back, after the setback due to COVID-19.