Managing Director of STO, Ahmed Shaheer have said that STO will open Residence Hotel within the next year. Residence Hotel is a hotel that is being developed by STO at Hulhumale’.
Speaking at the annual general meeting of STO held last night, Shaheer said that previously they planned to sell the hotel but however now they have decided to open the hotel. He said that the hotel will be managed in a join venture arrangement.
There has been delays in the opening of the hotel because a decision was not reached on what to do about the hotel. Major construction work of the hotel has now been completed and now the finishing works are left.
According to STO once they start operating the hotel, STO will be able to get foreign currency easily.
STO to open Residence Hotel within the next year
