Park Hotel Group in a joint venture with CEL Development, a subsidiary of Chip Eng Seng Corporation, has acquired the Kodhipparu Island Resort in the Maldives for a sum of US$65 million. This marks the two company’s entry into the Maldivian market.
The new Grand Park Kodhipparu, located a 15-minute speedboat ride from Malé International Airport, is expected to open in 2Q2017 under the management of Park Hotel Group after redevelopment works is completed by hospitality design firm Hirsch Bedner Associates.
It will offer 120 villas, two restaurants, a harbour beach club, an infinity pool and bar as well as spa facilities.
JLL Hotels & Hospitality Group, Asia advised and transacted the sale from former resort owners Kodhipparu Investment.
The group’s executive vice president Nihat Ercan said: “As an investment destination, the Maldives provides a transparent policy-making environment and generous incentives for foreigners, including full ownership rights, legally-backed investment guarantees and the ability to fully repatriate profits.
“This paired with its positive economic outlook is attracting Asian investors seeking to enter the international market.
“As a result, we’re starting to notice a rising trend of South-east Asian, and in particular Singaporean property developers, who are drawn to the market because it offers high yields underpinned by healthy trading fundamentals.”
