CDL Hospitality Trusts acquires Jumeirah Dhevanafushi Maldives
Maldives.net.mv – CDL Hospitality Trust is making a US$61m acquisition of the Jumeirah Dhevanafushi high-end 5-star resort in the Maldives, subject to regulatory approval from the Ministry of Tourism, Arts and Culture of the Republic of Maldives.
With a total land area of 53,576 square metres (sq m), Jumeirah Dhevanafushi currently consists of 19 beachfront villas and 16 over-water villas that sit on only 9,056 sqm of built-up area. There are plans to add two more beachfront villas in the coming year with the costs borne by the seller of the property.
The resort was opened only on Nov 2011 and has managed to achieve revenue per available room (RevPAR) of US$754 for the first nine months of the year as the Maldives market has one of the highest RevPARs in the world. For comparison, the REIT had reported a portfolio-wide RevPAR of S$191 in its latest third quarter results.
Jumeirah Hotels & Resort will continue the management of the resort.
Prior to this acquisition, the real estate investment trust owned 12 hotels and one resort with a total of 4,420 rooms, scattered across Singapore, Australia, New Zealand, and Maldives. Other properties owned by CDL H-Trust includes Angsana Velavaru Maldives.