The U.S-based private equity firm KSL Capital Partners announced the acquisition of the W Maldives and Sheraton Maldives Full Moon resorts.
The properties were sold to KSL’s affiliates by a joint venture between the Maldives resort operator Universal Enterprises and Marriott International for an undisclosed sum. The real estate and investment management firm JLL advised on the deal, which it called the first ever hospitality portfolio transaction to have taken place in the Maldives.
“KSL Capital Partners is focused on investing in well-located, high-quality travel and leisure properties,” said Siddhant Jhunjhunwala, Director of Investments, APAC for KSL. “The Maldives is one of the world’s premier leisure travel tourism destinations and these resorts are two of the best in the market, with the added benefit of being operated by Marriott’s experienced team. We’re pleased to expand our global relationship with Marriott.”
Both properties continue to be managed by Marriott under their existing brands.
Located a 15-minute speedboat ride from the Velana International Airport, the five-star family resort 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.
Specialising in hospitality, recreation, clubs, real estate and travel services with a portfolio that includes premier properties in travel and leisure, KSL Capital Partners has raised approximately US$18 billion of capital across both equity, credit and tactical opportunities funds.