JLL presents Konotta Island for acquisition

JLL’s Hotels & Hospitality Group has announced it is exclusively presenting the Konotta Island resort for acquisition. The property, located in the Gaafu Dhaalu Atoll, is being offered with vacant possession, providing the new owner with the flexibility for rebranding and new management.

The resort comprises 31 beachfront villas and 22 overwater villas, in addition to a range of food and beverage and entertainment facilities. JLL is positioning the sale as a significant redevelopment opportunity, noting that the property has attracted interest from various hotel operators. The firm indicates that the resort holds potential for repositioning, including as a wellness-focused property.

Konotta Island was previously operated by Outrigger Hospitality Group, which began managing the resort in 2014 and reopened it in August 2015 as the Outrigger Konotta Maldives Resort following a renovation. In 2018, the resort was acquired by Singha Estate Public Company Limited as part of a larger portfolio transaction, with Outrigger continuing its management role at the time. The current offering with vacant possession signals a new phase for the island, which has been closed since early 2020.

JLL has a history of advising on major resort transactions within the Maldives. The firm’s previous mandates include the sales of the W Maldives, Sheraton Maldives Full Moon Resort & Spa, Conrad Maldives Rangali Island, and the portfolio of Anantara Dhigu, Veli, and Naladhu resorts.

The offering of Konotta Island coincides with ongoing infrastructure development in the Maldives, notably the expansion of Velana International Airport (VIA). The new terminal at VIA, scheduled to open on July 26, is expected to increase passenger capacity and support the continued growth of the nation’s tourism sector. The sale presents an opportunity for an investor to acquire a resort asset with rebranding potential in the Maldivian market.