Hotel and investment company Kingdom Hotel Investments (KHI) is to develop a US$137m (101.6m euro, £69m) property on the island of Praslin, Seychelles.

The hotel will be KHI’s first in the Seychelles and will be located on the northeast tip of Praslin Island.

Branded as the Raffles Seychelles, the proposed development is scheduled to open in 2011 with a 90-villa resort hotel, a spa, and 17 private residential villas, which will be for sale.

The total site area for the property measures 3.2 million sq ft (300,000sq m) and also boasts 1,640ft (500m) of direct beachfront land.

KHI also recently acquired the Four Seasons Hotel and spa in Jakarta, Indonesia, for US$48m (35.6m euro, £24.1m).

The hotel first opened in 1995 as the Regent Jakarta and was reopened in July 2004.

The acquisition is KHI’s first in Indonesia and is part of the group’s investment strategy in high-growth, emerging markets.

Photograph: The Raffles Grand Hotel d'Angkor in Cambodia