Minor Acquires Amari Havodda Maldives With Reopening Planned Under NH Hotels Flagship
Wednesday 12th of July 2023
Minor International Public Company Limited (MINT) and its financial partner, Abu Dhabi Fund for Development (ADFD) have successfully acquired the Amari Havodda Maldives property. This transaction marks the first hotel sale in the Maldives for 2023, with JLL Hotels & Hospitality Group advising Crystal Plaza Resorts on the sale to the MINT and ADFD consortium. Following the acquisition, Amari Havodda is expected to rebrand and reopen under the NH Hotels flagship.
Located in the South of Maldives, Amari Havodda Maldives lies in Gaafu Dhaalu Atoll and is accessible via a 55-minute flight domestic flight from Velana International Airport to Kaadehdhoo Airport. Home to one of the largest infinity pools in the destination and 120 deluxe villas, the resort is further enhanced by the architectural detailing and interiors done by French designer, Isabelle Miaja.
Speaking on the acquisition, Nihat Ercan, Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group remarked: “The long-term confidence in the Maldives hotels space has again been reinforced through this groundbreaking transaction, which was successfully completed amidst a backdrop of ongoing macroeconomic headwinds and rising rates. Investor interest in this unique asset was exceptional, demonstrating that a broad cross-section of capital from Asia Pacific to the Middle East will continue to seek opportunities in one of the world’s most attractive hospitality markets. We are delighted to have advised on the first Maldives hotel transaction of 2023 and further solidified our standing as investors’ unrivaled choice of investment advisory in the Indian Ocean and beyond.”
Amari Havodda will be incorporated into MINT’s current portfolio of six properties in the Maldives. The Thailand-based conglomerate also plans to rebrand this asset into an NH collection hotel, an esteemed hospitality brand with operations both in Europe and the Americas. The rebranded Amari Havodda will become the first NH collection property to be featured in the Indian Ocean and Asia.
Julien Naouri, Senior Vice President, Investment Sales Asia, JLL Hotels & Hospitality Group commented, “This transaction highlights strong investor appetite for quality and established resorts with healthy cashflow as well as additional value add angles. Furthermore, the strategic investment by ADFD in this highly sought asset reinforces the Maldives’ position as a major capital destination for the world’s most active institutional investors.”
According to statistics published by the Ministry of Tourism of the Maldives back in December 2022, the island nation operates more than 160 registered resorts with a total bed capacity of approximately 40,000 beds across the country. An additional 1450 new rooms are expected to open in the 2023-2025 window, primarily in the midscale segment. On the luxury front, several high-end openings are scheduled for the coming years including Six Senses Kanuhura, Capella Maldives, and Bulgari Resort Ranfushi.
“The Maldives has remained a resilient destination that has offset a pandemic-induced slump with a strong recovery in international visitor arrivals. The country’s hospitality sector continues to fire on all cylinders with visitor arrivals on par with 2019 levels, further cementing the island nation’s position as a global gateway resort destination,” says Isabel Wong, Senior Associate, Investment Sales Asia, JLL Hotels & Hospitality Group.