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Best Holdings PLC, the publicly listed owner of Le Méridien Dhaka, is set to open its latest venture, a five-star hotel under the global Marriott brand, in one of the country's fastest-growing industrial hubs next year.
The hotel, named Marriott Bhaluka, is being developed on 4.47 acres of land in Maona Hobirbari, Bhaluka, and will be the first five-star hotel in an industrial zone in the country. Construction is nearly 80 per cent complete, with interior finishing works now underway.
The company, which raised Tk 3.5 billion through its IPO in early 2024 to develop its various projects, shared the update during a recent visit by journalists to the site at Bhaluka.
Company Secretary Md. Abul Kalam Azad said 'Marriott Valuka' is expected to commence operations by June next year.
The project, undertaken by Iconx Hotels Limited, in which Best Holdings holds a 51.61 per cent stake, will mark the country's first five-star hotel in an industrial zone.
The hotel will feature 228 rooms with modern amenities, including high-speed internet, smart workstations, large meeting halls, executive lounges, restaurants, a cineplex, entertainment spaces, spa, and fitness facilities.
"This hotel will create a bridge between the industrial sector and five-star hospitality. Beyond accommodation, it will support the growth of trade and commerce in emerging industrial zones," said Mr Azad.
The project is expected to generate more than 500 direct jobs and additional employment opportunities in logistics, catering, and transportation.
According to its prospectus, Best Holdings has two subsidiaries -- Dhamshur Economic Zone Limited, where it holds a 51.22 per cent stake, and Iconx Hotels Limited, where it owns 51.61 per cent.
The company's core revenue streams currently include Le Méridien Dhaka as well as its Agro, Dairy & Fisheries projects in Bhaluka and Noakhali.
Despite these ventures, Best Holdings has recently posted weak financial results. In the first nine months of FY25, the company earned Tk 0.25 billion in net profit, down 77 per cent compared to the same period in FY24.
"The decline in EPS for during the nine months (2024-2025) compared to the previous period is primarily attributed to the country's economic downturn which has impacted the tourism industry, resulting in an unexpected drop in revenue," according to the company.
The company had raised Tk 3.5 billion through its IPO to fund building and civil works and procure local machinery and equipment for various projects, repay existing liabilities, and cover IPO expenses.
According to the latest update, around 80 per cent of the IPO proceeds have already been utilised.
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