Minor International, a prominent global hospitality and lifestyle conglomerate, has partnered with the Abu Dhabi Fund for Development (ADFD) to acquire Amari Havodda Maldives. The acquisition aims to reopen the resort under the NH Hotels brand, adding to Minor International’s portfolio in the Maldives.

Crystal Plaza Resorts, represented by JLL’s Hotels & Hospitality Group, facilitated the sale to the consortium led by Minor International and ADFD. This transaction marks the first hotel sale in the Maldives in 2023.

Situated in the Gaafu Dhaalu Atoll in the southern region of the Maldives, Amari Havodda Maldives is easily accessible via a 55-minute flight from Velana International Airport to Kaadhedhoo Domestic Airport. With 120 well-appointed villas and one of the largest infinity pools in the Maldives, the resort offers guests a luxurious experience complemented by the exquisite architectural and interior design work of French designer Isabelle Miaja.

Nihat Ercan, Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group, expressed confidence in the Maldives hotel industry, stating that this groundbreaking transaction demonstrates long-term confidence despite challenging macroeconomic conditions. The investor interest in the resort showcases the attractiveness of the Maldives as a hospitality market, with capital from Asia Pacific to the Middle East seeking investment opportunities. This successful deal reinforces JLL’s position as a leading investment advisory in the Indian Ocean and beyond.

Minor International will integrate Amari Havodda into its existing portfolio of six properties in the Maldives. Additionally, the Thailand-based conglomerate plans to rebrand the resort as an NH Collection hotel, a well-established hospitality brand in Europe and the Americas. This transformation will mark the first NH Collection property in the Indian Ocean and Asia.

Julien Naouri, Senior Vice President, Investment Sales Asia, JLL Hotels & Hospitality Group, highlights the investor appetite for established resorts with a strong cash flow and value-added potential. He also emphasizes the strategic investment by ADFD, which underscores the Maldives’ position as a favored capital destination for global institutional investors.

The Ministry of Tourism in the Maldives reports that the country currently operates over 160 registered resorts, providing approximately 40,000 beds. As of December 2022, there are 12 hotels with over 1,500 beds in operation. Furthermore, it is projected that approximately 1,450 new rooms will be opened between 2023 and 2025, primarily in the midscale segment. Noteworthy upcoming luxury openings include Six Senses Kanuhura, Capella Maldives, and Bulgari Resort Ranfushi.

Isabel Wong, Senior Associate, Investment Sales Asia, JLL Hotels & Hospitality Group, praises the resilience of the Maldives as a tourist destination, rebounding strongly from the pandemic-induced decline with a robust recovery in international visitor arrivals. The country’s hospitality sector is thriving, matching visitor arrival levels seen in 2019, solidifying its reputation as a global gateway resort destination.