The sale of the Faarufushi Maldives resort has been completed, according to JLL Hotels & Hospitality Group.
The Faarufushi was purchased from Universal Enterprises in the Maldives by the Emerald Collection of Italy.
The property is located on the Maldives' Raa Atoll, and the sale of the 80-key upper-upscale resort, which debuted in 2019, demonstrates investors' faith in the leisure travel market's long-term prospects.
The deal marks Emerald Collection's second investment in Asia Pacific, following the opening of the Emerald Maldives Resort & Spa in the region. Emerald Collection has another resort in Maldives as well; Emerald Maldives Resort & Spa.
Despite the continued Covid-19 uncertainties in the tourist sector, the sale launch of the Faarufushi Maldives, full due diligence, contract negotiation, and deal closure all took place in 2021.
Faarufushi is easily accessible via a 50 minute seaplane ride from Velana International Airport. . Alternatively, guests may take a 40-minute flight from VIA to Ifuru Airport, from which Faarufushi can be reached within 10 minutes by speedboat.
The sale of the Faarufushi Maldives is JLL's second deal in the Maldives this year, and its 18th overall, with a total value of nearly US$1.3 billion. JLL represented the seller of the Kanuhura Maldives, a five-star resort with 80 villas, in the first Maldives hotel transaction since 2019.