Real estate and investment management firm JLL hailed the Maldives as the “epitome of global luxury travel” in a new report on the evolution of the hospitality industry’s high-end segment.
Driven by rising wealth and consumer preference for immersive experiences, luxury travel has grown from a niche sector to add more than one million rooms over the past four decades, according to JLL’s research, which ranked the Maldives first in the region with at least 10,000 luxury hotel rooms accounting for 35.9% of the country’s total supply.
“Perhaps more impressive though is the number of ultra-luxury hotels in the destination including Banyan Tree, Cheval Blanc, Six Senses, and St. Regis. It’s no surprise then that luxury hotels in the country command the highest [Average Daily Rate] in the world at $2,227,” the report observed.
“An additional 550 luxury rooms are slated to open by 2026, including the ultra-luxury Bulgari, Capella, and Mandarin Oriental brands. Investors have started to take notice with luxury hotel liquidity totaling $810 million over the past four years, $20 million greater than the prior ten years combined. This continued growth will likely position the Maldives as the world’s preeminent luxury destination for travelers and investors alike.”
As the Maldives tourism industry demonstrated resilience with its robust recovery from the pandemic, “the market has continued to attract the interest of investors from Asia, Middle East and Europe,” JLL reported last year, forecasting higher investment volumes on the back of marquee sales such as the W Maldives and Sheraton Full Moon Resort.