S Hotels and Resorts has entered into a strategic partnership with Myanmars Eco World Developer Holding Company Limited (EWD) to develop a high-end lifestyle resort on the third island of the CROSSROADS Maldives.

Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts Public Company Limited stated, "On November 14, 2019, S Hotels and Resorts entered into a Joint Venture Agreement in accordance with the investment in a high-end lifestyle resort on Island 3 of the CROSSROADS Maldives project with our strategic partner, Eco World Developer Holding Company Limited (EWD) a conglomerate business partner from Myanmar who invests in various business sectors including properties, mining, automotive, and food and beverage businesses. "

Expanding its diversified portfolio in the market, the new resort at CROSSROADS will feature 80 spacious villas with the majority of the inventory as water villas at a price point of $900-$1,000 per night.

Mr. Dirk De Cuyper further added, "having an exceptional partner such as EWD allows the company to be even more confident to further realize the success of CROSSROADS project and as well to successfully achieve our revenue and earning target."

The construction of the new resort is expected to commence in 2020 to open by 2022.