Unmatched luxury and culinary mastery: new fashion-led luxury resort confirms CROSSROADS Maldives’ status as the “Crown Jewel of the Indian Ocean,” igniting an exciting new era of long-term growth

S Hotels and Resorts PCL (SET: SHR), the international hospitality company from Singha Estate PCL (SET: S), has celebrated the grand opening of SO/ Maldives, which becomes the third luxury lifestyle resort at CROSSROADS Maldives, the Indian Ocean’s first and only fully-integrated leisure destination. The Company’s strategic investment in this glamorous new fashion-led retreat marks the completion of      CROSSROADS Maldives and the resort is now set to elevate the success of and guest experiences at the CROSSROADS project. The expected result is a transformation of the Maldivian tourism and hospitality sectors and a noteworthy contribution in revenue to S Hotels & Resorts’ financial performance in 2024 and beyond.

First launched in September 2019, CROSSROADS Maldives is perhaps the most pivotal project in the history of the Maldivian tourism industry. The destination features a trio of resorts: SAii Lagoon Maldives (Curio Collection by Hilton), a serene retreat designed for couples, families, and friends seeking a tranquil and playful destination getaway; Hard Rock Hotel Maldives, the ultimate destination for luxury and music enthusiasts; and the brand-new SO/ Maldives, a vibrant private-island destination rooted in fashion, art and design. These three distinct resorts are seamlessly connected to world-class facilities at The Marina @ CROSSROADS, an 800-metre lifestyle area and beach walk lined with restaurants, bars, a beach club, retail boutiques, wellness centres, water sports, diving and snorkelling, kids’ clubs, an events centre and a 30-berth yacht marina, plus the Maldives Discovery Centre cultural hub and Marine Discovery Centre, which is dedicated to marine conservation and education. This integration of diverse offerings positions CROSSROADS Maldives as an unmatched haven for guests, setting a new standard for excellence in hospitality and leisure.

SO/ Maldives is a multi-million international joint venture project developed in partnership with leading business conglomerate Wai Eco World Developer (WEWD) and operated by the successful Ennismore team – leaders in operating hotels and building brands. SO/ Maldives is nestled in Emboodhoo Lagoon in the Kaafu Atoll     , just a short speedboat ride from Malé’s Velana International Airport, making it easily accessible for weekend breaks and extended vacations alike.

A “see and be seen” destination, SO/Maldives features Beach Villa and Water Villa Collections adorned with furnishings by international award-winning designers and original art pieces, plus innovative dining and social venues, an exclusive Wellness Camp, a state-of-the-art fitness centre, and the Lazuli Beach Club, which will host the Maldives’ hottest parties and international DJs. This makes SO/ Maldives one of the world’s most highly anticipated new hotel openings of the year.

This original “island couture” resort, which debuted with a grand opening party in March 2024, is already playing an important role in the growth of S Hotels & Resorts’ operational and financial performance. Just four months after its initial soft-opening, SO/ Maldives reached an occupancy of almost 60% in February, and expected      average daily rates (ADR) in the region of USD 750-850 for 2024. As a result, ADR for the group’s cluster of Maldivian properties is expected to rise 15-20% this year, compared to 2023. Following the strategic roadmap outlined in January, the company is on track for a strong year, with RevPAR expected to surge by 25% year-on-     year in 2024.

Food and beverage sales significantly contribute to the revenue of S Hotels & Resorts. Fourteen diverse restaurants and bars are now open to guests at The Marina @ CROSSROADS Maldives. They include The Beach Club, offering the ultimate leisure experience with an infinity pool boasting ocean views, a gelato counter, private beach access, premium casual restaurants, boutique shops, specialty bars, and poolside dining. Plus, with global brands like Ministry of Crab, ranked on the “Asia’s 50 Best Restaurants” list, and the iconic Hard Rock Café, diners can indulge in an impressive array of culinary options. F&B sales surged 38% year-on-year in 2023, and the launch of SO/ Maldives – home to The Citronelle Club, an elegant all-day dining destination; Hadaba, the resort’s signature Middle Eastern restaurant; and Lazuli Beach Club – is set to drive a further 15% increase in F&B revenue from the group’s Maldivian resorts in 2024, in line with S Hotels & Resorts’ overall goal to enhance its entire non-rooms revenue this year.

Overall, the Maldives accounted for 27% of S Hotels & Resorts’ worldwide revenue in 2023 – its second-largest      market after the UK. Following the official launch of SO/ Maldives this month, this contribution is forecast to rise to 35% in 2024, with strong forward bookings.

Mr. Michael Marshall, CEO of S Hotels & Resorts, commented: “The grand opening of SO/ Maldives marks an important milestone for S Hotels & Resorts as we officially complete the first phase of CROSSROADS Maldives. With its high-fashion, luxury lifestyle concept, this exceptional resort will perfectly complement our two existing properties in the Maldives, further broadening the appeal of this multi-island integrated resort destination. With its high average rates and unparalleled experiences, including the Indian Ocean’s hottest parties and events, SO/ Maldives will provide a significant uplift to our group’s revenue, generating long-term benefits for our entire business, and for the Maldivian hospitality industry.”

This unrivalled collection of hospitality services has enabled the Maldives to appeal to travellers from all around the world and to diversify into new customer segments, such as family travel and corporate groups. Since CROSSROADS Maldives opened its doors, it has attracted more than 211,300 guests and scooped multiple international awards, including the “Best Conference Resort Hotel” title for SAii Lagoon Maldives, “Best Resort/Hotel” award for Hard Rock Hotel Maldives, and “Best MICE Destination” for CROSSROADS Maldives.

Boonrawd Brewery Co., Ltd. and Singha Estate PCL are the ultimate owners of CROSSROADS Maldives, playing a pivotal role in its development, operation, and conservation of the pristine archipelago, aligned with their sustainable philosophy. Singha Estate is renowned as a leading Thai real estate developer with projects in the residential, commercial & retail, industrial estate, and hospitality sectors. Among its achievements is the development of CROSSROADS Maldives, the pioneering greenfield project of the first integrated leisure destination in the Indian Ocean. In December 2023, a landmark agreement was signed with the Maldives’ Ministry of Climate Change, Environment & Energy to protect almost one-third (31%) of the total project area, as part of Other Effective Area-Based Conservation Measures (OECMs). At the heart of this initiative will be the Marine Discovery Centre, which features a state-of-the-art marine biology laboratory and undertakes critical projects such as coral propagation and conservation programmes for endangered species. CROSSROADS Maldives has also achieved Green Globe™ Certification, reflecting its complete commitment to sustainability.

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