CBRE to Oversee the Sale of Reethi Beach Resort
CBRE Hotels has been appointed exclusively to advise on the sale of Reethi Beach Resort, Baa Atoll, Maldives. This offering and campaign will be on a strictly, “exclusive invitation-only basis”.
Reethi Beach located in Baa Atoll, 35-minute seaplane, or 20-minute domestic flight from Malé, followed by a 15-minute speedboat ride. The property features 130-villas and extensive facilities including five restaurants and five bars, a spa, two tennis courts, two badminton courts, PADI 5-star dive center and a watersport center.
The asset presents a rare opportunity for investors to rebrand one of the most sought-after atolls in APAC’s highest rate-yielding market and enhance the Resort’s existing product by refreshing and repositioning the asset to attract a higher average daily rate (ADR) and drive value.
With the current site coverage ratio of less than 20%, there is development opportunity to build upon a further 13,000 sqm of gross floor area (GFA), increasing key count or creating additional facilities. Held under a direct lease agreement with the Ministry of Tourism (MOT), the initial term can be extended by a further 49 years, equating to 74 years – a substantial land tenure in the Maldives market. Underpinned by strong operating performance, Maldives saw a buoyant recovery in investment activity, with over US$600 million worth of resorts transacted since 2021, demonstrating upbeat investor sentiment and market liquidity.
Most recently in June 2022, CBRE served as the advisor for the for immediate acquisition of Villingili Resort & Spa by Shangri-La in Addu Atoll.
Upon signing the Confidentiality Agreement (“CA”), interested parties will be granted exclusive access to the data room and financials. For more information, please contact Steve Carroll, Head of Hotels & Hospitality Asia Pacific, firstname.lastname@example.org, +65 9179 1439. Call for first round offers will be announced to interested parties in due course and inspections, meetings will be arranged upon request, however subject to approval.