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Reethi Beach Resort in the Maldives Sold to Asia-Focused Real Estate Private Equity Fund


SINGAPORE, 5 M​ay 2015JLL's Hotels & Hospitality Group has advised on the sale of Reethi Beach Resort in the Maldives on behalf of the Bank of Maldives, the country's national bank.

The 124-villa resort was sold to RBRM, a subsidiary company of Real Estate Capital Asia Partners IV L.P (RECAP IV) – a private equity fund with US$850 million of equity managed by affiliates of Singapore-based SC Capital Partners Group. SC Capital Partners Group invests across a broad spectrum of real estate asset types and locations across Asia Pacific and currently controls over 40 hotels and resorts in the region through its subsidiaries. Reethi Beach Resort marks SC Capital Partners Group's first acquisition in the Maldives.

Situated in Baa Atoll's UNESCO World Biosphere Reserve, Reethi Beach Resort boasts a highly strategic location amongst a cluster of some of the Maldives' most celebrated luxury resorts. The resort was offered for sale with the benefit of an immediate stable rental income stream from a sub-lease interest and the prospect of repositioning the asset in the medium term.

Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia Pacific said, "We received an unprecedented number of expressions of interest for this sale from investors across the Asia Pacific and Middle East regions, including China, Sri Lanka, Malaysia, Australia and the United Arab Emirates. Underpinned by the market's robust trading fundamentals, as well as the significant reversionary opportunity the resort offers at expiry of the sublease, the asset resonated strongly with the investment community."

He continued: "Reethi Beach Resort is JLL's seventh transaction in the Maldives over the past three years, bringing the total transaction volume conducted by the group in the Indian Ocean to more than USD500 million. The Maldives continues to appeal to private investors, owner-operators, listed companies and institutional investors who are seeking to establish or expand their footprint in the Maldives flourishing tourism market; we expect this trend to continue as further opportunities in this unique market unfold."

Continuing the robust investment momentum in the country, JLL's Hotels & Hospitality Group has been recently appointed by AAA Group on an exclusive basis to advise on a strategic, vacant possession disposition of Zitahli Kuda-Funafaru Resort and Spa, in the Maldives' Noonu Atoll. Interested parties are requested to contact JLL.  

 

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Notes to Editors:

JLL's Hotels & Hospitality Group serves as the hospitality industry's global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centres; mixed-use developments and other hospitality properties. The firm's more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling more than US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group's hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.

For more news, videos and research from JLL's Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.