Global hospitality conglomerate Minor International and its financial partner Abu Dhabi Fund for Development (ADFD) have acquired Amari Havodda Maldives resort.
The company plans to rebrand the resort into an NH collection hotel, becoming the first NH collection property in the Indian Ocean and Asia. The resort will be integrated into Minor International’s existing portfolio of six properties in the Maldives.
Commercial real estate and investment management company JLL’s Hotels & Hospitality Group advised Crystal Plaza Resorts on the sale.
“The long-term confidence in the Maldives hotels space has again been reinforced through this groundbreaking transaction, which was successfully completed amidst a backdrop of ongoing macroeconomic headwinds and rising rates,” said Nihat Ercan, Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group.
“Investor interest in this unique asset was exceptional, demonstrating that a broad cross-section of capital from Asia Pacific to the Middle East will continue to seek opportunities in one of the world’s most attractive hospitality markets. We are delighted to have advised on the first Maldives hotel transaction of 2023 and further solidified our standing as investors’ unrivaled choice of investment advisory in the Indian Ocean and beyond.”
Located in Gaafu Dhaalu Atoll, Amari Havodda Maldives can be reached by a 55-minute flight from the Velana International Airport to the Kaadedhoo Domestic Airport. The resort features120 villas as well as one of the largest infinity pools in the Maldives, complemented by architectural details and interiors by French designer Isabelle Miaja.
“This transaction highlights strong investor appetite for quality and established resorts with healthy cashflow as well as additional value add angles. Furthermore, the strategic investment by ADFD in this highly sought asset reinforces the Maldives’ position as a major capital destination for the world’s most active institutional investors,” said Julien Naouri, Senior Vice President, Investment Sales Asia, JLL Hotels & Hospitality Group.
“The Maldives has remained a resilient destination that has offset a pandemic-induced slump with a strong recovery in international visitor arrivals. The country’s hospitality sector continues to fire on all cylinders with visitor arrivals on par with 2019 levels, further cementing the island nation’s position as a global gateway resort destination,” says Isabel Wong, Senior Associate, Investment Sales Asia, JLL Hotels & Hospitality Group.