JLL Hotels and Hospitality Group announced the successful sale of Amari Havodda Maldives to Thailand's Minor International Public Company Limited (MINT) on Tuesday, July 12.
JLL revealed that it provided advisory services to Crystal Plaza Resorts in the sale of the tourist property to Minor International and their financial partner, Abu Dhabi Fund for Development (ADFD). The consortium successfully acquired the resort for a total of USD 60 million.
This marks the first hotel sale in the Maldives for 2023. With this transaction, Minor International currently owns a total of seven resort properties in the country.
Amari Havodda Maldives, comprising 120 villas, is situated in Gaafu Dhaalu atoll and boasts the design expertise of French interior designer Isabelle Miaja. The resort is accessible via a 55-minute flight from Velana International Airport (VIA).
JLL Hotels and Hospitality Group's Chief Executive Officer, Nihat Ercan said, “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.”
“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, the Senior Vice President, Investment Sales Asia of JLL Hotels and Hospitality Group.
Following the transaction, Minor International plans to incorporate Amari Havodda into its current portfolio in the Maldives. The resort will undergo a rebranding process and be transformed into an NH Collection hotel, a renowned hospitality brand with a strong presence in Europe and the Americas. This rebranded property will serve as the first NH Collection hotel in the Indian Ocean and Asia.
Besides the newly acquire Amari Havodda, Minor Hotels currently has Anantara Kihavah, Anantara Veli, Anantara Dhigu, Naladhoo Private Limited, Niyaama Private Island, and recently unveiled Amari+ Fares in its Maldives property portfolio.
While JLL Hotels and Hospitality Group has successfully advised the sale of Amari Havodda, its total sales in 2022 were reported to be around USD 200 million. Additionally, the company has acted as a broker for the transaction of 15 tourist resorts in the Maldives since 2012.
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