Confidential
Hotel & Residences.
North Malé Atoll.
1 October 2026
USD 50 million in. Nothing out until the resort is finished. Then the residence surplus, and the hotel on top of that.
USD 0
Residences received
USD 0 0% a year
Realistic. Cash received
USD 0 0% a year
Bull. Cash received
Nothing is paid out until the resort is finished. Residence collections fund construction and stay in the project.
Realistic Bull Residences
Residences are the second business. The August price schedule is USD 171 million. Development cost is USD 105.4 million. The difference is USD 65.6 million. Half is USD 32.8 million. It is shown as one amount on 1 January 2028, because nothing is distributed before the resort is finished. The paper gives 2028, not the month, and it prints no tax on that surplus. This assumes the full schedule sells.
Two room-rate cases, same residence amount. Realistic is the August rate. Bull is the top of the range quoted in that paper. Constant 2026 dollars.
USD 2,095 a night. This is the rate in the August 2026 paper, not a new assumption. Resort revenue is USD 72.3 million a year. Project profit after tax is USD 13.4 million. The investor’s half of the hotel is USD 6.69 million a year.
The residence amount is the same USD 32.8 million on 1 January 2028. The hotel matches the remaining USD 17.2 million on 28 July 2030. By 31 December 2040 the investor has received about USD 119.8 million.
USD 4,000 a night. That is the top of the North Malé range quoted in the August paper, USD 1,500 to USD 4,000. Resort revenue is USD 112.04 million a year. Project profit after tax is USD 20.76 million. The investor’s half of the hotel is USD 10.37 million a year.
Again the residence USD 32.8 million arrives on 1 January 2028. The hotel matches the remaining USD 17.2 million on 28 August 2029. By 31 December 2040 the investor has received about USD 167.6 million.
Important
This is an illustration, and it is the absolute worst case. It counts the room rate only. Restaurants, activities, the spa and other services come on top, as pure profit. After launch the plan is to add more residences for sale and more hotel keys, so the managed asset is larger. That larger sale is what returns the investor’s money in full at launch. After that he participates as a 50% partner in the hotel.
OCT 2026
Planned. 50% more turnover at launch, and 50% more hotel keys. Same room rates. The first chart is unchanged.
USD 0
Residences received
USD 0 0% a year
Realistic
USD 0 0% a year
Bull
Nothing is paid out until the resort is finished.
Realistic Bull Residences
Launch cash is USD 49.2 million, half of a surplus 50% larger than USD 65.6 million. The hotel share is 50% higher: USD 10.04 million a year in the realistic case, USD 15.55 million a year in the bull case. Expected ROI per year is 20.1% realistic and 31.1% bull, on the USD 50 million.