Singapore-listed Roxy-Pacific Holdings Limited has agreed to buy Zitahli Kuda-Funafaru Resort and Spa located in Noonu Atoll, the Republic of Maldives, for US$ 31 million through its wholly-owned subsidiary, Roxy Hotels and Resorts Pte Ltd.
JLL Hotels & Hospitality Group was the exclusive advisor for the sale, acting on behalf of AAA Group, which owns Zitahli Kuda-Funafaru.
The resort is the Singapore group’s first acquisition in the Maldives following a competitive process that attracted strong interest from groups in China, Thailand, Australia, UK and the United Arab Emirates.
Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia said, “We would like to congratulate Roxy-Pacific Holdings on the acquisition of this spectacular property. Zitahli Kuda-Funafaru is a five-star, luxury resort in one of the world’s most coveted tourist destinations. With its investor-friendly policies and robust trading fundamentals, we are seeing a surge in investor interest in Maldives resort assets. More broadly we are predicting that 2016 will be a big year for hotel transactions in the Indian Ocean region.””
In the past decade, visitor arrivals in the Maldives rose at a compounded annual growth rate of about 12 percent with a record 1.23 million visitors registered in 2015.
Chinese tourists make up 29 percent of visitor arrivals, making China the top tourism source market for the Maldives. Other traditional source markets include Italy, the UK and Germany.
Zitahli Kuda-Funafaru Resort and Spa comprises 50 villas (30 over-water villas and 20 beach villas), four food & beverage outlets, a full-service spa, an ocean-front fresh water infinity pool, a state-of-the-art diving centre, a fitness centre with full-sized tennis court, and a luxury boutique.
This marks the eighth resort JLL has sold in the Maldives since 2012, taking the group’s resort sales in the archipelago nation to over US$400 million and approximately US$560 million in the Indian Ocean region.