Housing Development Corporation (HDC) has signed an agreement with State Trading Organisation (STO) to develop the partially completed city hotel in Hulhumale’.
The agreement to develop the city hotel was signed by Managing Director of STO Hussain Amru and Managing Director of HDC Suhail Ahmed. Under the agreement, HDC will complete the project to develop the STO city hotel in Hulhumale’, which has been stalled since 2014.
STO acquired a plot in Hulhumale’ for the development of the city hotel in 2007. The development began in 2012, after STO signed an agreement with the Carlson Group which developed the international hotel chain Radisson Hotels.
STO had also sought a loan of USD 10 million from the Exim Bank of Thailand for the development of the hotel. The project came to a standstill after the government ordered the project to be stopped in 2014.