JLL Advises on First Maldives Hotel Transaction Since 2019
JLL today announced that it advised on the first hotel transaction in the Maldives since 2019. The firm’s Hotels & Hospitality Group represented Sun Resorts Ltd on their sale of Kanuhura Maldives, a five-star resort with 80 villas.
This landmark transaction reinforces the strength and confidence in the Maldives hospitality market, according to JLL. The deal follows a thorough sales and advisory process that began in 2019, involving close collaboration between JLL Hotels & Hospitality’s Advisory & Asset Management and Investment Sales teams.
Kanuhura is located across three idyllic islands in the northeastern portion of Lhaviyani Atoll. The resort is approximately 35 minutes from Velana International Airport by seaplane and is poised to benefit from enhanced accessibility through a new nearby domestic airport expected to open in the medium-term, as well as development potential to expand the Resort’s inventory.
“This is a landmark transaction that solidifies the positive long-term view of the Maldives hospitality space. This sale process has continued throughout COVID-19 and reinforces the importance of staying close to clients, delivering the right advice, and our team’s ability to work together as one unit for the benefit of a transaction,” says Nihat Ercan, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
Kanuhura Maldives re-opened in December 2017 after an extensive refurbishment, ensuring the resort’s villas and common areas are in excellent condition with refreshed interiors and an enhanced product offering.
“We are delighted to have advised Sun Resorts on the successful sale of Kanuhura Maldives. The transaction brings together over two years of work from our Advisory and Investment Sales teams and represents the first Maldives resort transaction since 2019,” says Charlie MacIldowie, Senior Vice President, Investment Sales Asia, JLL Hotels & Hospitality Group.