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Publication Title | ACCOR TO MANAGE ITS FIRST TWO HOTELS IN THE MALDIVES

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KEONG HONG HOLDINGS LIMITED
JOINT PRESS RELEASE
KEONG HONG’S JOINT VENTURE COMPANY APPOINTS ACCOR TO MANAGE ITS FIRST TWO HOTELS IN THE MALDIVES
Singapore, 16 April 2015 – Pristine Islands Investment Pte. Ltd. (“Pristine” or the “JVC”), a joint venture company set up by Keong Hong Construction Pte Ltd (“KHC”), a wholly-owned subsidiary of Keong Hong Holdings Limited (强枫控股有限公司) (“Keong Hong” or the “Company”) and its joint venture partners, Sansui Holding Pte. Ltd. (“Sansui”), BRC Asia Limited (“BRC”), L3 Development Pte. Ltd. (“L3”) and Hotels & Resort Construction Pvt. Ltd. (“HRC”), today announces the appointment of Accor, to manage its first two hotel properties in the Maldives. Accor, the world’s leading hotel operator and market leader in Europe and Asia Pacific, will provide the full spectrum of hotel management services, including consultancy on the design and construction of the two new-build hotels.
Keong Hong’s Chief Executive Officer and Executive Chairman, Mr Ronald Leo (梁定平), who is also the JVC Chief Executive Officer, said, “The upscale Pullman Maldives Maamutaa Resort and mid-scale Mercure Maldives Kooddoo Resort will be our first two hotel developments in the Maldives and we are pleased to partner with Accor, which has a large brand portfolio catering to different market segments and a strong brand presence in Europe and Asia Pacific. We believe that this partnership, with our collective experience, will create a new and very exciting holiday destination in the Maldives.”
Pristine was set up on 17 July 2014 to own, develop and operate Pullman Maldives Maamutaa Resort (“Pullman Maamutaa”), Mercure Maldives Kooddoo Resort (“Mercure Kooddoo”) as well as a domestic airport in Kooddoo in Gaafu Alifu Atoll in the Maldives, at an estimated development cost of US$120 million. KHC owns 45% of the shareholding in Pristine while Sansui, BRC and L3 each owns 15%; HRC owns the remaining 10% of the shareholding in the JVC.

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