Sri Lankan conglomerate Hayleys PLC has agreed to sell the luxury Amaya Kuda Rah Maldives resort for USD 17.25 million, around USD 6 million less than the price it paid for the property.

The resort, previously operated as Kuda Rah Island Resort Maldives, was acquired by Hayleys in 2016 for USD 23 million (MVR 355 million).

According to the company's first-quarter financial statements, Hayleys has entered into an agreement to sell the resort to Bohemia Luxury Resort, which operates in the Maldives. The sale agreement was signed on 3 February.

Hayleys said the transfer of assets, finalisation of accounts and handover process are currently underway and are expected to be completed within the next two to three months.

Located in Alifu Dhaalu Atoll, the resort features 51 luxury villas and is approximately 20 minutes by seaplane from Velana International Airport.

The sale follows continued financial losses linked to the property. In its annual report last year, Hayleys said declining revenue from Kuda Rah contributed to a loss of 251 million Sri Lankan rupees (about USD 760,000) in the group's hospitality sector during the last financial year.

Hayleys also reported an overall loss of USD 3.7 million for the year.

Hayleys operates 11 hotels across Sri Lanka.