Aman Group joins a major regional development initiative in Bhutan
On 1 November 2026, Aman Group, Patience Capital Group (PCG) and GDL-Raven, a subsidiary of Green Digital Limited, announced the signing of a Memorandum of Understanding (MoU) to explore a strategic partnership centred on Gelephu Mindfulness City (GMC).
The initiative forms part of the King of Bhutan’s vision to establish a new economic hub in the south of the country, founded on the principles of Gross National Happiness.
The project aims to bring together several sectors, including finance, green energy, health and wellness, education, agriculture, and cultural and spiritual heritage.
For Aman Group, the collaboration represents another step in its longstanding relationship with Bhutan, where the group says it became the first international luxury hospitality brand to establish a presence more than twenty years ago.
Three partners with complementary expertise
The agreement brings together three organisations operating at different levels of the real estate and tourism value chain.
Aman Group will contribute its expertise in luxury hospitality, branded residences and high-end experiences.
Patience Capital Group, an international real estate investment management firm founded in 2019 and headquartered in Singapore, will contribute financial structuring and capital management expertise. The group operates in hospitality, residential and lifestyle assets on behalf of institutional and private investors.
Finally, GDL-Raven, a subsidiary of Green Digital Limited, will support the partnership through its fund and asset management activities associated with the economic development of Gelephu Mindfulness City.
The shared objective is to attract long-term real estate capital capable of supporting the development of the new destination.
The proposed partnership could therefore combine the capabilities of an international hotel operator, an investment manager and a local organisation involved in regional development.
A preliminary agreement, with no investment amount yet disclosed
The precise nature of the agreement is important.
This is a Memorandum of Understanding, not an announcement of a definitively committed investment.
The announcement specifies that the partnership arrangements and the characteristics of any potential investment fund remain subject to further discussions and approvals.
At this stage, the partners have disclosed neither a financial commitment nor the number of properties envisaged or a development timetable.
No additional Aman hotel development has been formally announced under the agreement.
The project is therefore entering a structuring phase, with subsequent steps expected to clarify the respective commitments of the partners.
Bhutan, an established destination for Aman
The partnership builds on Aman’s longstanding presence in the Himalayan kingdom.
Led by Vladislav Doronin, Chairman & CEO, the group emphasises a hospitality philosophy based on discretion, architectural integration, the preservation of local cultures and a close connection with nature.
For Vladislav Doronin, Gelephu Mindfulness City represents an opportunity to contribute to a destination whose ambitions align with the principles that have shaped Aman’s positioning for several decades.
The group reports a portfolio of 36 hotels, resorts and branded residences across 21 destinations, alongside several projects under development.
Its portfolio also includes Janu, a second hospitality brand launched in 2020, whose first property opened in Tokyo in March 2024.
This combined expertise in luxury hospitality and the development of new concepts could prove valuable in shaping the plans for Gelephu.
A development project combining investment and sustainability
Gelephu Mindfulness City aims to distinguish itself through a development model combining economic growth, environmental preservation and collective wellbeing.
The signing of the Memorandum of Understanding coincided with a royal initiative, Project 108, involving the construction of 108 chortens, Buddhist religious monuments, along the Mao Chhu River.
Each monument stands 15 metres tall. Their construction involved several tens of thousands of volunteers.
The initiative reflects the cultural and spiritual dimension that the authorities intend to incorporate into the creation of the new city.
For Gelay Jamtsho, Chairman of Green Digital Limited, Aman’s experience in Bhutan is an important element of the proposed partnership.
Meanwhile, Ken Chan, representing Patience Capital Group, highlights the complementary nature of tourism investment management, Aman’s hospitality expertise and the economic ambitions of Gelephu Mindfulness City.
LTH Analysis | Aman positions itself at an early stage in a new investment territory
The announcement is of particular strategic interest: Aman Group is not simply joining a hotel project, but a large-scale regional development initiative.
The proposed partnership could allow the group to become involved at an early stage in the creation of a new destination, contributing its expertise to the planning of tourism and real estate assets.
For Patience Capital Group, the opportunity lies in potentially structuring long-term investments in a territory designed to accommodate several complementary economic activities.
For Gelephu Mindfulness City, the involvement of an international luxury brand already established in Bhutan could help strengthen the credibility of its positioning among investors and prospective operators.
However, the financial significance of the announcement remains limited at this stage: the announcement does not confirm the formal establishment of any investment fund, nor does it disclose any quantified investment commitment.
The next stages will need to clarify the partnership’s governance, financing mechanisms, the nature of the targeted assets and the applicable regulatory requirements.
The implications therefore extend beyond the possible creation of new hotels. The central question is whether international capital, real estate development and local identity can be successfully combined within a project built around a distinctive economic and environmental vision.
For hotel investors, Gelephu Mindfulness City is therefore a development worth monitoring, although it remains at a preliminary structuring stage.
At a Glance
Partnership: Aman Group, Patience Capital Group and GDL-Raven have signed a Memorandum of Understanding.
Location: Gelephu Mindfulness City, a Special Administrative Region in southern Bhutan.
Objective: Attract long-term real estate investment supporting sustainable development and mindful living.
Partners’ roles: Aman contributes luxury hospitality expertise, PCG investment management capabilities and GDL-Raven local fund and asset management support.
Project status: The proposed fund and partnership arrangements remain subject to further discussions and approvals.
Investment details: No committed investment amount, specific hotel development or opening date has been disclosed.
