Stayed there a year ago ... phenom place. The hotel is located on its own island, which is 30 minutes flying time from the int'l airport at Male. The "air taxi" flights only operate during daylight hours, so if you arrive on the SQ flight from SIN (arriving late evening in Male), you'll need to overnight in Male.
No specific exec club lounge at the hotel. It's a small, intimate hotel anyway and the hotel bar/lounge serves as the main focal point of activity. The overwater rooms are located on a small adjacent island, which does have a private lounge for guests staying in these rooms. Nothing fancy, though.