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JONES Lang LaSalle's Hotels & Hospitality Group (JLL) has exchanged contracts for the sale of luxury resort, Jumeirah Dhevanafushi, in the Maldives to Singapore-based CDL Hospitality Trusts for US$59.6 million.
The sale of the prpoerty, which comprises 19 beach villas and 16 over-water villas, includes the benefit of a long-term management agreement with Jumeirah Hotels & Resorts.
It also marks CDL Hospitality Trusts’ second acquisition in the Maldives in 2013, following its purchase of the Angsana Velavaru earlier this year.
JLL senior vice president for investment sales Asia, Nihat Ercan, said: “We are delighted to announce this landmark sale, the first arm’s length third-party managed resort sale in the Maldives and the second acquisition in the country by a major regional institutional investor during 2013.
“With sound trading fundamentals and enduring strength of visitor demand, the Maldives has certainly captured the attention of the investment community across Asia and the Middle East. We are seeing significant interest and weight of capital from private investors, owner-operators, listed companies and institutional investors, and we expect this trend to continue into 2014 as further opportunities in this unique market unfold.”
Since 2012, JLL has brokered five resort transactions in the Maldives, representing over 350 rooms and more than US$330 million in transaction volume, underscoring the island destination as one of the most liquid investment markets in Asia.
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