Germany’s Seaside Hotels acquires Finolhu Maldives
has acquired Finolhu Maldives in a USD 90 million deal.
The transaction completed in April, with JLL Hotels & Hospitality acting on behalf of the seller, Coastline Group of Companies.
“The sale of Finolhu Maldives to Seaside Hotels & Resorts is our first transaction of a Maldivian resort to a European buyer. With a 12 per cent year-on-year increase in European visitor arrivals last year, European hoteliers see an opportunity to capitalise on the familiarity of their brands with these travellers and tour operators. In the next nine to 12 months, we expect more of our European and American clients to enter the Maldives hospitality market,” Charlie MacIldowie, Vice President, JLL Hotels & Hospitality Group, was quoted in a statement, as saying.
Finolhu was developed by Coastline, one of the Maldives’ largest private companies. Established in 1994, it is engaged in logistics, oil importing, storage and distribution, piling and construction, building material supplies, hotel resort development, condominium development, airport ownership, development and operation, luxury yachts and boat manufacturing.
German-headquartered Seaside Hotels was founded in the Canary Islands over 30 years ago by Theo Gerlach, who at the age of 88 years continues to personally oversee his hotels.
In addition to Finolhu, the group has ten establishments: four resort hotels located in Gran Canaria and Lanzarote, and six city hotels in Hamburg, Leipzig, Dresden, St. Peter Ording and Chemnitz. All of the Seaside establishments are acclaimed for their privileged locations, personal service and exclusive gastronomy together with unique architecture and distinctive design concepts.
Finolhu is a stylish and eclectic retreat with a buzzy bon-vivant vibe and a refreshing, retro-inspired burst of fun for the region. Bringing toes-in-the-sand relaxation to fun-loving beach-erati alongside the best DJs, live acts and most fabulously chic parties in the Maldives. Finolhu’s 125 villas come on the ocean, the lagoon or by the beach, with or without pool in either one or two bedroom options being the ultimate island experience for chic couples, fun-loving families and gatherings of friends alike.
Located in the UNESCO Biosphere Reserve of Baa atoll, Finolhu can be reached by either seaplane in just 30 minutes from Velana International Airport or by a 20-minute flight to Dharavandhoo Domestic Airport in Baa atoll followed by a short speedboat ride.