KSL Capital Partners, a private equity investment group, has unveiled plans to refurbish two of its Maldives hotels, investing USD21 million in the upgrades. The group acquired the properties in 2022 from a joint venture between Marriott International and Universal Enterprises, with Marriott continuing to manage both resorts.

The refurbishment will cover the W Maldives resort, which is currently closed and is set to reopen in late 2024. Located on the island of Fesdu in North Ari Atoll, W Maldives offers 77 bungalows, each with private balconies and pools, a reef, six dining outlets, and a spa. The Sheraton Maldives Full Moon Resort & Spa will also see improvements. This family-friendly property features 176 villas, including over-water bungalows, plunge pools, multiple restaurants and bars, a spa, tennis courts, and a kids’ club.

KSL Capital Partners also has stakes in four other resorts in the Maldives: Outrigger Maafushivaru, Soneva Fushi, Soneva Jani, and the newly opened Soneva Secret in Haa Dhaalu Atoll. “We’re confident that our continued investments will further elevate the unique and unforgettable guest experience these resorts offer, while also creating a positive impact in the local community,” said Tina Yu, partner at KSL Capital Partners. “As part of KSL’s mission to create enduring value, we remain steadfast in our commitment to the Maldives as one of the world’s premier travel and leisure destinations and will continue to support the country’s economic growth.”

The Maldives continues to attract luxury hotel brands, with several new projects underway. A JW Marriott Resort & Spa is set to open in Embhoodhoo Finolhu before the end of 2024, and next year will also see Bulgari and Mandarin Oriental debut their resorts. Estithmar Holding plans to develop a 120-suite Rosewood resort by 2027, alongside a Baccarat hotel and residences across five islands in South Male Atoll.

The four-star segment is also expanding, with Centara’s Mirage Lagoon Maldives resort opening soon. This resort will feature 145 rooms inspired by an underwater theme and offer over-water and beachside villas. Other brands like Dusit, NH, and Corinthia are also developing new properties, enhancing the Maldives' appeal as a premier leisure destination.