Galaxy pays over US$ 800,000 in advance for Nasandura hotel
| DATE: 2010-01-23 | PRINT | SHARE
Galaxy Enterprises Maldives paid an advance of US$ 884,475 on Wednesday after winning the bid for the 31 room hotel, Nasandura palace.
Ministry of tourism said on Thursday, Galaxy won the bid for Nasandura palace hotel on 7 Januray with the highest point.
Galaxy paid US$ 800,000 as acquisition cost, according to the ministry, and another US$ 84,475 as the three month advance rent for 62 beds.
Ministry’s regulation states the winning party shall make an advance payment within 14 days.
“The agreement shall be signed within seven days,” and official of the ministry explained. “We are now making the necessary arrangements to sign the agreement.”
Galaxy won the bid by proposing to pay an average of US$ 11,095.4 per bed annually for a period of eight years. The first year rent is US$ 5,450 per bed.
Galaxy has also proposed to spend US$ 100,000 annually as corporate social responsibility
| DATE: 2010-01-23 | PRINT | SHARE
Ibrahim Mohamed
Galaxy Enterprises Maldives paid an advance of US$ 884,475 on Wednesday after winning the bid for the 31 room hotel, Nasandura palace.
Ministry of tourism said on Thursday, Galaxy won the bid for Nasandura palace hotel on 7 Januray with the highest point.
Galaxy paid US$ 800,000 as acquisition cost, according to the ministry, and another US$ 84,475 as the three month advance rent for 62 beds.
Ministry’s regulation states the winning party shall make an advance payment within 14 days.
“The agreement shall be signed within seven days,” and official of the ministry explained. “We are now making the necessary arrangements to sign the agreement.”
Galaxy won the bid by proposing to pay an average of US$ 11,095.4 per bed annually for a period of eight years. The first year rent is US$ 5,450 per bed.
Galaxy has also proposed to spend US$ 100,000 annually as corporate social responsibility
