Finolhu Resort sold to a European company


Maldives
PUBLISHED May 26, 2019

Finolhu Resort which was developed by Coastline Hotels and Resorts Pvt. Ltd, situated in Baa Atoll, has been sold for 90 million dollars last month.

The Intermediary of this transaction, JLL Hotels & Hospitality Group, handled the sale of the resort to the German Seaside Hotels and Resorts company on the month of April 2019.

 This is the first ever time that JLL has acted as an intermediary to sell a Maldivian resort to a European company. They acted as the intermediary in the sale of Rangali resort, which was managed by Hilton World Wide Holdings till the sale, to an American Company, Blackstone the previous February.

 Nihat Ercan, Managing Director and Head of Investment Sales, Asia, JLL Hotels & Hospitality Group, was quoted in a statement, as saying, "The tightening of yields in core markets across the globe, particularly in Europe, is causing investors to look further afield in search of higher yielding opportunities. Our clients outside of Asia are starting to show increasing interest in the Maldives, given its reputation as a sought-after tourist destination. Were confident that investor demand will continue to rise and lift market sentiment."

Finolhu was previously managed by the Small Island Company.

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