Singapore company completes purchase of Zitahli Kuda-Funafaru and plans for relaunch
Property and hospitality group Roxy-Pacific Holdings has revealed plans for its newly acquired Maldives resort, Zitahli Kuda-Funafaru. The company yesterday finalised the purchase of the Noonu Atoll property from AAA Group, a deal for which JLL Hotels & Hospitality Group was the exclusive advisor.
Roxy Pacific Managing Director Mr. Chris Teo confirmed that the resort will undergo extensive renovation of guest villas, public spaces and food & beverage (F&B) outlets before opening in the first quarter of 2017. Upon completion it will be the second property to be marketed under Roxy’s premium Noku brand. The first opened in Kyoto, Japan in November 2015.
“We are extremely excited to have completed the acquisition of this stunning property, our first in the Maldives. We look forward to turning it into an exceptional resort that will appeal to upmarket travelers looking for unique experiences in one of the most desirable destinations in the world,” says Mr. Teo. “This acquisition fits with our broader strategy of acquiring boutique properties in Asia Pacific’s up-and-coming locations.”
“As a Maldivian owned and independently managed resort, we are delighted to have found a buyer who would be committed to continuing to deliver the high standards of service and hospitality our team has strived for.” says Mr. Ahmed Hamza, Deputy Managing Director of AAA Group. “We welcome them to the Maldives and congratulate them on acquiring Zitahli Kuda-Funafaru.”
“This is a great outcome for both Roxy Pacific and the seller, AAA Group,” says Mr. Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia. “The Maldives is a global gateway resort destination. Coupled with its robust trading environment and investor-friendly policies, the country is a highly attractive destination for investors from Asia Pacific, Middle East and beyond. The sale of Zitahli Kuda-Funafaru is the eighth resort transaction exclusively marketed and sold by JLL and underpins the depth of investment activity in the market.
“On the back of this momentum, we are continuing to market resorts in the Maldives and Indian Ocean exclusively on behalf of owners,” adds Mr. Ercan.
Zitahli Kuda-Funafaru Resort and Spa currently comprises 50 villas (30 over-water villas and 20 beach villas), four F&B outlets, a full-service spa, an ocean-front fresh water infinity pool, a state-of-the-art diving centre, a fitness centre with full-sized tennis court, and a luxury boutique.
There were a record 1.23 million tourist arrivals in the Maldives in 2015 and in the first quarter of 2016, there has been a 4.3 percent increase in visitors compared to the same period last year.
Visitors from China make up 29 percent of arrivals, making it the top tourism source market for the Maldives. The Indian Ocean archipelago continues to welcome a large number of visitors from Europe and between 2010 and 2015 the number of visitors from the Middle East more than tripled.
JLL’s Hotels & Hospitality Group
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide.
Between negotiating the world’s most extraordinary, enticing, and profitable property deals, the group’s 350-strong global team also closed more than 4,400 advisory, valuation and asset management assignments.
Investors worldwide turn to JLL to shape their strategies, tailor their portfolios and maximize the value of their assets. We are recognized as the global leader in real estate services across hospitality properties of all shapes and sizes. Our expert advice is backed by industry-leading research.
We apply our broad spectrum of hotel valuation, brokerage, asset management and consultancy services through every phase of the hotel lifecycle. We have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
Whether you are looking for a hotel or you’re ready to sell, we’ll use our capital markets expertise, hospitality industry knowledge and global relationships to put the right parties together and execute a bespoke deal that exceeds your objectives.
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