A promotional offer was announced, providing a 25% discount on the hotel’s shares for this month. Credit: João Marcelo Martins / Unsplash.

Bangladesh-based real estate company Krishibid Group has initiated construction work on the new Krishibid Sea Palace, which is set to be Kuakata’s inaugural luxury five-star hotel.

This venture is being delivered under a collaboration between Krishibid Properties and Qatar’s Retaj Hotels and Hospitality.

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The launch of construction work was marked by a grand opening ceremony at the Sheraton Hotel, a five-star establishment in the capital.

This event was attended by Seraya Ali Al-Qahtani, ambassador of Qatar to Bangladesh, as the chief guest.

The Business Standard quoted Al-Qahtani as saying: “An international standard five-star hotel like this in Kuakata will showcase Bangladesh’s tourism industry on the global stage.”

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Other dignitaries, including Justice Mohammad Abdur Rouf, former chief election commissioner of Bangladesh, were present as special guests.

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Addressing the event, Rouf said: “Such high-standard establishments will create new employment opportunities in the tourism sector and play a significant role in the country’s economic growth.”

A promotional offer was also announced, providing a 25% discount on the hotel’s shares for this month.

Prospective buyers are also allowed to purchase shares in monthly instalments, starting from Tk5,250 ($43.75).

Commenting on the development, Krishibid Group managing director Dr Ali Afzal said: “We are proud that Krishibid Sea Palace will open a new horizon in Kuakata’s tourism and hospitality sector. We hope it will become a popular destination for domestic and international tourists.”