CDL Hospitality Trusts (CDLHT) has entered into an agreement with Banyan Tree Holdings to acquire Angsana Velavaru in the Maldives for US$71 million, marking its first resort acquisition and the start of a new lessee relationship with the latter company.
Brokered by Jones Lang LaSalle’s Hotels & Hospitality Group on behalf of Banyan Tree Holdings, the deal includes a sale-and-leaseback agreement that allows the Angsana Velavaru to continue to be operated under the Angsana brand name post-acquisition.
Located on its own private island in the South Nilandhe Atoll, a 40-minute seaplane journey away from Male International Airport, Angsana Velavaru comprises 79 beachfront villas and 34 ocean villas.
Vincent Yeo, CEO of M&C REIT Management, which manages CDLHT, said: “The compelling offering of the Maldives will enable Angsana Velavaru to benefit from the increased patronage from Asian travellers with a rapidly rising level of disposal income for leisure travel.”
According to a CDLHT press release, the acquisition enables the unique opportunity for the company to participate in the buoyant hospitality sector of Maldives, which is one of the highest RevPAR markets in the world. Furthermore, the resort is well positioned to gain from the growth of Asian visitors, particularly the Chinese, to the Maldives.
