CDL Hospitality REIT enters Maldives market with $71m resort purchase

Upmarket resort Angsana Velavaru acquired by its trustee.

In a disclosure to the Singapore Exchange, CDL Hospitality REIT said that Sanctuary Sands Maldives Private Limited, a subsidiary of DBS Trustee Limited, as trustee of H-REIT, has on 4 January 2013 entered into a conditional sale and purchase agreement with Maldives Bay Pvt Ltd, a subsidiary of Banyan Tree Holdings Limited, for the acquisition of Angsana Velavaru which is located in the island of Velavaru in South Nilandhe Atoll, Republic of Maldives at a purchase price of US$71.0 million (or approximately S$86.8 million).

"The acquisition is a unique opportunity to acquire a 100% interest in a branded and operating resort amidst a buoyant hospitality market in the Maldives, at approximately US$628,000 per key, approximating the independent market valuation obtained. The Maldives offers the opportunity to participate in one of the highest RevPAR markets globally and enjoys a premium international reputation as a unique and aspirational destination," said CDL Hospitality REIT.

The Maldives property was rebranded as “Angsana” in 2006 and features 79 beach villas and an exclusive cluster of 34 water villas. Angsana Velavaru is the first resort to introduce the concept of water villas as a standalone collection of villas in the Maldives, located approximately one kilometre from the main island of Velavaru where the beach villas reside.

The upmarket resort offers a wide range of dining, leisure and spa options and facilities within the property including three restaurants and one bar, a cooking school, gallery, beach pavilion, marine conservation lab and a kids club. The design style is intended to blend tropical lifestyle, the Maldivian experience and the comforts of modern living. The resort is designed in the Maldivian style with coconut leaf thatched roofs for the villas and sandy floors at the restaurants, bars and the lobby.