CDL Hospitality Trusts has acquired its second hotel in the Maldives, the Jumeirah Dhevanafushi, from Dubai-based Xanadu Holdings for a reported US$59.5 million, according to deal broker Jones Lang LaSalle, Hotels & Hospitality Group. The sale includes a long-term management agreement with Jumeirah Hotels & Resorts.
The luxury resort has 35 villas, with another two expected to be completed by the seller next year.
For the first nine months of this year, the property has reached US$754 in RevPAR, according to Vincent Yeo, chief executive officer of M&C REIT Management Ltd., which manages the CDL Hospitality REIT. The REIT, together with CDL Hospitality Business Trust, makes up CDL H-Trusts.
The sale represents the first arm’s length third-party managed resort sale in the Maldives and the second acquisition in the country by a major regional institutional investor during 2013, according to Nihat Ercan, senior vice president investment sales Asia for JLLH&H. “With sound trading fundamentals and enduring strength of visitor demand, the Maldives has certainly captured the attention of the investment community across Asia and the Middle East,” Ercan said. “We are seeing significant interest and weight of capital from private investors, owner-operators, listed companies and institutional investors, and we expect this trend to continue into 2014 as further opportunities in this unique market unfold.”