German firm acquires Finolhu Maldives for USD90 mln
Finolhu Maldives, which formerly operated under the management of The Small Maldives Island Co (TSMIC), was sold to German company Seaside Hotels and Resorts in May for USD 90 million.
The resort was shifted under the new ownership on May 3, 2019.
Real-estate consultancy firm JLL's Hotels and Hospitality Group, which acted as the broker company in securing the Finolhu deal, disclosed that transactions carried out by the company has reached a record amount with the selling of Finolhu.
JLL being the most prominent broker in the Maldivian resort scene sold a total of 15 resorts since 2012. However, this is the first time a resort was sold to a European company through JLL.
Finolhu Maldives, boasting a unique 'retro luxury' design, was opened in June 2016. The resort contains a total of 125 one-room and two-room villas, including lagoon villas, ocean pool villas, beach villas, beach pool villas.
Moreover, the resort features a fitness centre, yoga pavilion, outdoor gym, and a water sports and dive centre along with restaurants and bars where visitors can wine and dine to their heart's content. Finolhu Maldives was also the first to introduce the 'Beach Bubble' tent for an exquisite star-gazing experience in the archipelago.