JLL to market Zitahli Kuda-Funafaru Resort

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ZITAHLIJLL’s Hotels & Hospitality Group has been appointed by AAA Group to sell its Zitahli Kuda-Funafaru Resort and Spa in the Maldives.

The Singapore-based investment advisory firm revealed in a press statement yesterday that the AAA Group appointed JLL “on an exclusive basis to advise on a strategic, vacant possession disposition” of the luxury resort in Noonu atoll.

“Zitahli Kuda-Funafaru Resort represents a rare opportunity for investors and owner-operators to acquire a five-star, luxury resort fully unencumbered by brand or management affiliations in one of the world’s most coveted resort destinations,” said Nihat Ercan, Executive Vice President of JLL Hotels & Hospitality Group, Asia Pacific.

“The Maldives is a dynamic destination, attracting a broad base of travellers from around the world. In 2014, international arrivals to the island nation increased 7 percent to 1.2 million and RevPAR at the country’s resorts increased 8 percent to USD 517.

“This global accessibility coupled with consistently strong growth in average room rates – which are among the highest in Asia – represent the market’s excellent underlying fundamentals. As a result of Maldives’ robust trading fundamentals, and supported by investor-friendly policies, we are seeing continually strong investor interest in Maldivian resort assets.”

Zitahli Kuda-Funafaru Resort and Spa comprises 50 villas (30 over-water villas and 20 beach villas), four food and beverage outlets, a full-service spa, an ocean-front fresh water infinity pool, a Werner Lau Diving Centre, a fitness centre with full-sized tennis court and luxury boutique.

Since 2012, JLL’s Hotels & Hospitality Group in Asia Pacific has sold six resorts in the Maldives, taking the group’s resort sales in the Indian Ocean to more than US$500 million to date. The sixth transaction was the sale of Konotta Island Resort in the Maldives to Hawaii-based Outrigger Enterprises Group.

In addition to the 130-room Reethi Beach Resort in Baa Atoll currently under offer, JLL is also offering for sale the Mahadhdhoo Island in the Maldives with the opportunity to complete resort development on the 119,000 square meter island.

In December 2014, the Bank of Maldives appointed JLL the sole and exclusive agent for the sale of the seized properties.