Singapore-Listed Roxy-Pacific Holdings to Buy Resort in Maldives

Singapore-listed Roxy-Pacific Holdings has agreed to buy Zitahli Kuda-Funafaru Resort and Spa located in Noonu Atoll, Maldives, for US$ 31 million through its wholly-owned subsidiary, Roxy Hotels and Resorts.

JLL Hotels & Hospitality Group was the exclusive advisor for the sale, acting on behalf of AAA Group, which owns Zitahli Kuda-Funafaru.

The resort is the Singapore group’s first acquisition in the Maldives following a competitive process that attracted strong interest from groups in China, Thailand, Australia, UK and the United Arab Emirates.

Zitahli Kuda-Funafaru Resort and Spa 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 diving centre, fitness centre with full-sized tennis court, and a luxury boutique.

In the past decade, visitor arrivals in the Maldives rose at a compounded annual growth rate of about 12% with a record 1.23 million visitors registered in 2015.

Chinese tourists now make up 29% of visitor arrivals, making China the top tourism source market for the Maldives. Other traditional source markets include Italy, the UK and Germany.

Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group Asia, said, “We would like to congratulate Roxy-Pacific Holdings on the acquisition of this spectacular property. Zitahli Kuda-Funafaru is a five-star, luxury resort in one of the world’s most coveted tourist destinations. With its investor-friendly policies and robust trading fundamentals, we are seeing a surge in investor interest in Maldives resort assets. More broadly we are predicting that 2016 will be a big year for hotel transactions in the Indian Ocean region."

This marks the eighth resort JLL has sold in the Maldives since 2012, taking the group’s resort sales in the archipelago nation to over US$400 million and approximately US$560 million in the Indian Ocean region.

Continuing the robust investment momentum in the country, JLL Hotels & Hospitality Group has also been appointed to advise on the sale of a partially completed resort on Maavelavaru Island in Noonu Atoll.

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