Sale of Outrigger Konotta Maldives Resort Wins Single Asset Transaction of the Year Award

The sale of the Outrigger Konotta Maldives Resort won the Single Asset Transaction of the Year Award at the recent 2015 Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong.

The property was sold by JLL in September 2014 on behalf of Crystal Lagoon Resorts to OKM Limited, a wholly-owned subsidiary of Outrigger Enterprises Group.

“We are delighted that this deal has been recognised by HICAP as it was truly a team effort. We worked closely with the seller, buyer and lending consortium to deliver a positive outcome for all parties,” said Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia Pacific. “It is particularly gratifying to see that the resort is already going from strength to strength and is now reporting revenues well in excess of original expectations. Outrigger has done a great job in creating a highly valuable flagship Maldivian asset in a very short time. I’m sure it will enjoy continued success.”

The 48-villa project was acquired partially completed. Following a comprehensive redesign and construction phase, it opened on 1 August 2015 with 29 beachside pool villas, 21 overwater pool villas and a 509 square metre, three-bedroom overwater Presidential villa.

Konotta Island Resort is located less than 50 kilometres north of the equator. It is reached via a 55-minute flight from the capital Malé to Kaadedhdhoo Airport, followed by a 20-minute private speedboat journey.

“The Maldives continues to attract canny investors with its attractive ‘one island, one resort’ concept as well as investor-friendly policies, such as the recent extension of the lease tenure from 50 to 99 years,” Ercan added.

JLL's Hotels & Hospitality Group has sold seven resorts in the Maldives since 2012, taking the group's resort sales in the Indian Ocean to more than US$500 million to date.