Roxy-Pacific Holdings Buys Resort in Maldives

Roxy-Pacific Holdings has purchased Zitahli Kuda-Funafaru, a resort in the Noonu Atoll of the Maldives, from AAA Group.

The resort will undergo an extensive renovation of guest villas, public spaces and F&B outlets before opening in Q1 2017.

Upon completion it will be the second property to be marketed under Roxy’s premium Noku brand. The first opened in Kyoto, Japan in November 2015.

“We are extremely excited to have completed the acquisition of this stunning property, our first in the Maldives. We look forward to turning it into an exceptional resort that will appeal to upmarket travelers looking for unique experiences in one of the most desirable destinations in the world,” said Roxy-Pacific Managing Director, Mr. Chris Teo. “This acquisition fits with our broader strategy of acquiring boutique properties in Asia Pacific’s up-and-coming locations.”

Zitahli Kuda-Funafaru Resort and Spa currently comprises 50 villas (30 over-water villas and 20 beach villas), four F&B outlets, a full-service spa, an ocean-front fresh water infinity pool, a diving centre, a fitness centre with full-sized tennis court, and a luxury boutique.

“With its robust trading environment and investor-friendly policies, the country is a highly attractive destination for investors from Asia Pacific, Middle East and beyond,” said Mr. Nihat Ercan, Executive Vice President, JLL Hotels & Hospitality Group, Asia -  the exclusive advisor on the acquisition. “The sale of Zitahli Kuda-Funafaru is the eighth resort transaction exclusively marketed and sold by JLL and underpins the depth of investment activity in the market. On the back of this momentum, we are continuing to market resorts in the Maldives and Indian Ocean exclusively on behalf of owners.”

There were a record 1.23 million tourist arrivals in the Maldives in 2015 and in the first quarter of 2016, there has been a 4.3 increase in visitors compared to the same period last year.

Visitors from China make up 29% of arrivals, making it the top tourism source market for the Maldives. The Indian Ocean archipelago continues to welcome a large number of visitors from Europe and between 2010 and 2015 the number of visitors from the Middle East more than tripled.

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