Konotta Acquired by Outrigger
JLL’s Hotels & Hospitality Group (H&H) has advised on the sale of Konotta Island Resort in the Maldives on behalf of Crystal Lagoon Resorts Private Limited.
The resort, a partially completed 48-villa project was sold to OKM Private Limited, a wholly-owned subsidiary of Hawaii-based Outrigger Enterprises Group. Outrigger Enterprises Group will now complete the outstanding construction work and launch the property as its flagship Maldivian resort in 2015.
Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group said: “JLL’s Hotels & Hospitality Group worked closely with Crystal Lagoon’s shareholders and other key stakeholders, including the lending consortium, to orchestrate and manage a structured, transparent sale process which ensured certainty of a successful outcome for all stakeholders involved, including the purchaser.”
He continued: “Resort hotels of this size with immediate branding potential in the Maldives are highly valued by investors. With its distinctive ‘one island, one resort’ concept, relative ease of accessibility, investor friendly policies, and growing visitor arrivals (approximately 563,600 in 2003 to a forecast of circa 1.2 million in 2013), the island nation is set to remain one of the world’s most exclusive eco-tourism destinations.”
Konotta Island Resort is located less than 50 kilometres north of the equator, 340 kilometres south of Malé, and is accessible via a 55-minute flight to Kaadedhdhoo Airport, followed by a scenic 20-minute private speedboat journey.
This sale marks JLL’s sixth completed transaction in the Maldives since 2012, taking JLL’s resort sales in the Indian Ocean to more than USD 500 million to date. JLL Hotels & Hospitality Group has sold two other hotel properties to Outrigger Enterprises Group since 2013 – Laguna Beach Resort in Phuket and Movenpick Resort & Spa in Mauritius.