Villingili Resort in Maldives south up for sale
Shangri-La Villingili Resort & Spa, which has remained closed since March 2020 border closures stemming from the COVID-19 pandemic, has been put up for sale.
Addu Investment Pvt. Ltd., the resort’s 70% shareholder, has assigned US investment firm CBRE Group to handle the sale of the property. CBRE Group opened the opportunity for interested parties to submit bids for the resort, which consists of 132 water villas.
According to the announcement made by CBR Group, the government has also decided to lease a small uninhabited island in Addu to the buyer. A private villa can be developed on the uninhabited island. Five more water villas can also be developed at the resort. The announcement further stated that a buyer will also have the opportunity to extend the lease period of the resort.
Perched on its own private island in the heart shaped Addu atoll, Shangri-La’s Villingili Resort & Spa is a tropical sanctuary south of the equator. An exclusive all-villa hideaway with endless recreational activities, unforgettable dining experiences and a spectacular nine-hole golf course, there’s adventures to be had on every corner of the island.
Major blow to tourism in south
Despite several new resort developments and a boom in guesthouse tourism in the Maldives, Addu as a whole has lagged behind for years in attracting tourism-related investments.
Up until recently, the relatively large atoll, which has unique geographical features compared to other parts of the island nation, was home to only two of the some 140 tourist resorts in the Maldives; Shangri-La’s Villingili Resort and Spa, and Canareef Resort Maldives.
South Palm Resort Maldives, a brand new property developed on the uninhabited island of Ismehela Hera opened in 2019.
The closure of Shangri-La’s Villingili Resort and Spa in March 2020 came months after Canareef Resort Maldives made a similar move. However, Canareef has since reopened.