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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