The investment equates to a 50 per cent stake and is a strategic partnership with Universal Enterprises of the Maldives. MHG and Universal plan to jointly develop the brand to encompass at least five additional properties within the next five years.
Per Aquum currently has three properties - two in the Maldives, Huvafen Fushi and Niyama, as well as Desert Palm in Dubai. MHG and Universal "will further invest in the brand over the coming years and the planned expansion will mirror MHG's current footprint across Asia, the Indian Ocean, the Middle East and Africa"
The addition of the three Per Aquum resorts takes MHG's overall portfolio to 91 properties in operation across 12 countries.
Dillip Rajakarier, CEO of Minor Hotel Group (pictured0, said: "We are delighted to announce the latest strategic addition to Minor Hotel Group's ever expanding portfolio of brands across Asia, the Indian Ocean the Middle East & Africa. Per Aquum is already a very well respected and exclusive brand and we look forward to having the opportunity to develop it further working in partnership with Universal Enterprises."
M.U. Maniku, chairman of Universal Enterprises said: "We are very happy to partner with Minor Hotel Group which is well known to us and has an excellent reputation within the hospitality industry in Asia, the Indian Ocean and beyond. Under this partnership the Per Aquum brand is set for rapid expansion and continued future success."