Jones Lang LaSalle’s Hotels & Hospitality Group has exchanged contracts for the sale of Jumeirah Dhevanafushi in the Maldives to Singapore-based CDL Hospitality Trusts for US$59.6 million.
Jumeirah Dhevanafushi is one of the Maldives’ most luxurious and highly-rated resorts, comprising 19 beach villas and 16 over-water villas. The sale includes the benefit of a long-term management agreement with Jumeirah Hotels & Resorts, one of the world’s most recognized hotel brands with a collection of iconic hotels such as the Burj Al Arab in Dubai.
The sale marks CDL Hospitality Trusts’ second acquisition in the Maldives during
2013 and follows their purchase of the Angsana Velavaru earlier in the year in a transaction also brokered by Jones Lang LaSalle’s Hotels & Hospitality Group.
“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,” said Nihat Ercan, senior vice-president, Investment Sales Asia, Jones Lang LaSalle, Hotels & Hospitality Group.
“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, Jones Lang LaSalle’s Hotels & Hospitality Group has exclusively brokered five resort transactions in the Maldives, representing over 350 rooms and more than US$330 million in transaction volume, underscoring the island-paradise destination as one of the most liquid investment markets in Asia.