Browns Investments sells Barceló Whale Lagoon Maldives for $57.5 million

Sri Lankan conglomerate Browns Investments PLC (BIL) has announced an agreement to sell the assets and business of the Barceló Whale Lagoon Maldives Resort for USD 57.5 million. The sale was made by BIL’s subsidiary, Browns Ari Resort (Private) Limited, to ASB Hotel Properties Maldives Private Limited.

The transaction is subject to standard conditions, including regulatory and third-party approvals within the Maldives.

The Barceló Whale Lagoon Maldives is a luxurious five-star resort located in the South Ari Atoll, a region renowned for its rich marine biodiversity. The resort, which boasts 100 villas and suites, is situated near the South Ari Marine Protected Area (SAMPA), offering guests exceptional opportunities for whale shark and manta ray sightings year-round.

The resort features a variety of amenities, including three restaurants, a snack bar, and three bars. It also has two infinity pools, a spa, and a fitness center, and offers a wide range of water sports and excursions.

This sale marks a significant move for Browns Investments, a subsidiary of LOLC Holdings PLC, which has been expanding its leisure footprint in the Maldives. The company is also behind the recently opened Barceló Nasandhura Male, the first five-star hotel in the capital city.

The Barceló Nasandhura, a 16-story seafront property, officially opened its doors in May of this year. Representing a USD 100 million investment, the hotel features 136 rooms and 116 serviced apartments, catering to the growing demand for luxury urban tourism and business travel in Malé. It is equipped with extensive MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, including two grand ballrooms.

The acquiring entity, ASB Hotel Properties Maldives Private Limited, is the local subsidiary of Dubai-based Albwardy Investment. Albwardy has a substantial and growing international hospitality portfolio, with properties across four continents, often in partnership with major hotel brands.