Hayleys agrees $17.25m sale of Maldives resort assets linked to NH Maldives Kuda Rah
Sri Lanka’s Hayleys PLC has entered into an asset purchase agreement to dispose of its Maldives resort assets linked to NH Maldives Kuda Rah Resort for USD 17.25 million, equivalent to approximately MVR 266 million.
According to Hayleys’ latest financial statements, the agreement was signed on 16 May 2026 with Bohemia Luxury Resort (Pvt) Ltd. The transaction covers property, plant and equipment, leasehold rights, intangible assets and inventories relating to the group’s hotel operations in the Maldives.
The resort assets are held through Luxury Resort (Pvt) Ltd, a wholly owned subsidiary of Hayleys PLC. The company was used by Hayleys and its leisure arm, formerly Amaya Leisure, to acquire Kuda Rah Island Resort in 2016 for USD 23 million, or about MVR 354.7 million. The property was later operated as Amaya Kudarah Maldives.
Hayleys said management expects the transaction to be completed within the first few months from the reporting date. The assets and related liabilities of Luxury Resort (Pvt) Ltd have been classified as held for sale, with the subsidiary presented as a discontinued operation in the consolidated financial statements for the year ended 31 March 2026.
The group recognised an impairment loss of LKR 6.9 billion, equivalent to approximately USD 20.8 million or MVR 321 million, following the committed disposal. This included an impairment of LKR 2.9 billion on investments in Luxury Resort (Pvt) Ltd, equivalent to about USD 8.8 million or MVR 135 million, and LKR 2.5 billion on balances receivable from the subsidiary, equivalent to about USD 7.5 million or MVR 116 million.
Hayleys also reported a loss of LKR 1.23 billion from discontinued operations for the 12 months ended 31 March 2026, equivalent to approximately USD 3.7 million or MVR 57 million. Assets held for sale totalled LKR 6.05 billion, or about USD 18.3 million and MVR 282 million, while liabilities directly associated with those assets amounted to LKR 609.27 million, or about USD 1.8 million and MVR 28 million.
Kuda Rah has since moved into Minor Hotels’ portfolio and is operated as NH Maldives Kuda Rah Resort under the NH Hotels & Resorts brand. Minor Hotels announced the opening of the property under the NH brand from 1 September 2024, marking the brand’s debut in the Indian Ocean.
Located in South Ari Atoll, NH Maldives Kuda Rah Resort features 51 beach and overwater pool villas and suites. The resort is accessible by a 25-minute seaplane journey from Malé, followed by a short speedboat or dhoni transfer. Its location places guests close to Kuda Rah Thila, one of the Maldives’ noted dive sites, as well as whale shark and manta ray excursion areas in South Ari Atoll.
The resort’s facilities include multiple dining outlets, a spa, gym, infinity pool, kids’ club, dive centre and water sports centre. Accommodation ranges from beach and overwater villas to larger suites, with villas and suites featuring private pools.
Hayleys Leisure, formerly Amaya Leisure, continues to operate a portfolio of properties in Sri Lanka. The Maldives transaction represents the group’s disposal of its major operating assets in the country’s resort sector.
