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PRESS RELEASE – CORINTHIA SIGNS AGREEMENT TO OPEN A LUXURY RESORT IN THE MALDIVES IN Q4 2025

17/05/2023

17 May 2023: Corinthia has signed a hotel management agreement to operate a luxury resort in the Maldives.

The developer of the luxury resort to be operated by Corinthia is Maarah Pvt Ltd, a Maldivian entity, affiliated with Maarah Holdings Ltd, a United Arab Emirates company registered within the Dubai International Financial Centre, being part of Niro Investment Group, one of the most prestigious investment companies in Romania, which is further strengthening its international operations, both in the Middle East and South Asia.

Early works on reclamation and the first phase of the development of the resort located on the Kaafu Atoll have commenced and will feature two islands hosting a 73-key resort on the larger of the two and a second, smaller private island for exclusive use.

Corinthia Maldives will feature aquatic-inspired architecture designed by global firm HKS. The main pavilion and all villas are taking on forms and shapes that take inspiration from the gentle curves of the ocean’s Manta Ray. The resort will also include state of the art wellness facilities, multiple fitness spaces and a choice of five restaurants operated with internationally renowned brands.

“We are thrilled to announce the arrival of Corinthia in the Maldives. Together with our partners, the developers, we will work to create a unique architectural statement that will
delight the senses.” commented Mr. Simon Naudi, CEO of Corinthia Hotels.

“We are excited about this milestone Maldivian luxury resort development, which is located only 15 minutes from Male International Airport and which will provide long-term local employment opportunities whilst contributing towards the growing destination tourism economy of the Maldives.” stated Mr. René Beil, Managing Director, Maarah Holdings and
Maarah Pvt Ltd “We are fortunate of our thirty years’ legacy of real estate investments and developments of pioneering nature and we are privileged to be partners with a leading luxury
hospitality brand such as Corinthia”.

Other than HKS as lead architects, several contractors and engineering firms have been engaged on the project. These include RLB Hoolooman as Project Managers, having already
completed 14 resorts within Maldives, working alongside Maldives Transport and Contracting Company (MTTC) which has been appointed as the main contractor for land reclamation and shore protection works. China State Construction has been appointed as the General Contractor while Beaufort Global a leading and reputable hospitality asset management firm
based in Dubai UAE has been appointed as Asset Manager.

ENDS

Media only – for further information contact: Alice Jonsdottir alice.jonsdottir@corinthia.com : or +44 7584 267 616

Notes to editors

ABOUT CORINTHIA HOTELS

Corinthia is a growing family of luxury hotels, founded in Malta in 1962 by the Pisani family. The company has grown over the years into a multinational investor, developer and operator of hotels and real estate.
Its portfolio includes award-winning hotels in cities such as London, Budapest, Lisbon, St. Petersburg, and the Island of Malta. Current developments underway in various stages of design and construction include landmark, trophy hotels in Rome, New York, Brussels, Bucharest, Doha, Riyadh, and new resorts in Malta and the Maldives.

More information at www.corinthia.com

ABOUT NIRO GROUP

Niro Investment Group has 30 years of experience in the field of investment, development and asset management, carrying out projects in various areas of interest, the most important being retail, real estate, hospitality, insurance, industry, construction and medical services. The three decades of investment and development mean total investments of over 650 million euros, over 500,000 square meters built and social programs worth over 25 million euros. In recent years, Niro Investment Group focused on the hospitality industry, developing several largescale projects that will bring for the first time to Romania luxury hotel brands such as Corinthia, which will place Romania on the map of international luxury tourism, with the first Romanian hotel project developed abroad, in the Maldives.

Home – NIRO Investment Group (nirogroup.ro)