Wednesday, 13 August 2008

New Mauritius Hotels Limited

New Mauritius Hotels Limited owner of eight hotels in the Indian Ocean island nation has seen occupancy decline by 5.6 percent. The decline is due to the closure of two resorts for refurbishment, so we do not think it is a major issue. Closing hotels for refurbishment during slow economic times is probably a good idea. Long term, the company is still on the growth track.

New Mauritius Hotels Limited has acquired 160.8858 hectares of freehold and Les Salines Development Limited, owner of 6.8927 hectares of freehold land and holder of an industrial lease over 5.8121 hectares of 'pas géométriques', for a consideration of Rs 1.6 billion.

The lands are situated at place called Les Salines Pilot in Rivière Noire (see picture). The company intends to undertake an integrated development of high quality and low density, comprising a five-star hotel, a 18-hole golf course of international standard and some 220 luxury villas. Sounds good to us!

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