JLL announced on Wednesday (29 June) that it advised on the successful sale of the W Maldives and Sheraton Maldives Full Moon resorts to a global private equity investor for an undisclosed sum.
According to the real estate and investment management firm, which represented Universal Enterprises and Marriott International, the deal represents the first ever hospitality portfolio transaction to have taken place in the Maldives.
“This landmark sale serves as a testimonial to the expertise and dedication of JLL’s Hotels & Hospitality team as the leading advisor in the Indian Ocean and beyond,” said Nihat Ercan, JLL’s Head of Investment Sales for the Asia Pacific. “Despite the challenges with travel restrictions, the large transaction size and complex nature of this transaction, we engaged a broad investor base that recognized and valued the Maldives for its resilience and stature as a global gateway resort destination.”
Along with the sale by JLL of both the Conrad Maldives Rangali Island and the Anantara Dhigu, Veli & Naladhu Maldives Resort in 2019, and Cheval Blanc Randheli in 2015, the sale of W Maldives and Sheraton Full Moon collectively “represents one of the largest open-market transactions in the Maldives,” according to JLL, which sold the properties with the benefit of Marriott International management.
JLL “ensured that the resorts were personally presented to its extensive global network of owners and investors.”
Julien Naouri, Vice President, Investment Sales Asia, said: “In the Maldives, clients demand a real estate partner with comprehensive market intelligence, experience, market reach and importantly, passion. The offering of such prestigious resorts, especially with the benefit of existing management contracts with Marriott International, is extremely rare and we appreciate the significance of this transaction to our clients.”
Located a 15-minute speedboat ride from Velana International Airport, the Sheraton Full Moon features 176 deluxe rooms, cottages, overwater villas and bungalows with access to nearby lagoons and beaches. A 25-minute seaplane flight from the airport, W Maldives has 77 resort villas with six restaurants and bars.