Baa Atoll property Finolhu, part of The Small Maldives Islands Co. (TSMIC), was recently sold to German Seaside Hotels for an estimated USD90 million. Speaking to Hotel Insider, a spokesperson for TSMIC said it was “a simple business sale” and declined to make further comment.  

Following this sale, TSMIC portfolio’s sole constituent is the swanky Amilla Fushi, another Baa Atoll property beloved by the Beckhams, Kate Winslet and Kate Moss. 

Real estate advisory firm JLL brokered the deal on behalf of Coastline Group of Companies.  

“The sale of Finolhu Maldives to Seaside Hotels & Resorts is our first transaction of a Maldivian resort to a European buyer,” said Charlie MacIldowie, vice president, JLL Hotels & Hospitality Group. “With a 12 per cent year-on-year increase in European visitor arrivals last year, European hoteliers see an opportunity to capitalise on the familiarity of their brands with these travellers and tour operators. In the next nine to 12 months, we expect more of our European and American clients to enter the Maldives hospitality market.” 

The transaction follows JLL Hotels & Hospitality’s February sale of Conrad Maldives Rangali Island to American investment firm Blackstone. 

The firm has made some USD1.1 billion to date from similar deals in the Maldives. 2019 is to witness the most hotel transaction activity recorded – JLL has revealed over USD450 million worth of hotel transactions are either done or underway this year.