JLL Hotels & Hospitality Group has announced that it has completed the sale of Faarufushi Maldives, an 80-villa luxury resort property located in Raa Atoll.
The buyer of the property is the Italy-based Emerald Collection, who agreed to purchase the property from Universal Enterprises. The transaction marks Emerald Collection’s second investment into the Asia Pacific, following their entry into the region through the Emerald Maldives Resort & Spa.
The acquisition further underpins Maldives’ global appeal to a wide investor base and its stature as the region’s most active resort investment market. It also marks JLL’s second deal of the year in Maldives, and 18th in total, representing a combined value of over US$1.3 billion.
“JLL is proud to have facilitated the sale of the Faarufushi Maldives, completing all elements in the transaction in 2021. This transaction further reinforces the belief from many investors that leisure travel is poised to rebound strongly given the pent-up demand and further reaffirms the Maldives position as one of the most liquid hospitality markets in Asia Pacific,” said Nihat Ercan, Senior Managing Director, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
In May 2021, JLL advised on the first Maldives hotel transaction since 2019, representing the seller of the Kanuhura Maldives, a five-star resort with 80 villas.