Four-Star (could upgrade to five-star) Resort Hotel With 135 Keys, Maldives, Up For Sale By Auction

By Dev Anand | 24 July 2020

Location: Madhiriguraidhoo, Lhaviyani Atoll, Direct sea plane from Velana International Airport to the island about 40 minutes

Name: Maldives Palm Beach

Guide Price: US$20m plus

No. of Keys: 137


The Opportunity: This resort hotel opened in 1999, four star, in need of a soft refurb, will available at auction until 4th August 2020. The facilities include the Loabi Restaurant, Illaa Restaurant, Ihaa Coffee-Shop, Raaveriya Bar, the Thundi Bar, the Coconut Spa, Water Sports, Land Sports and Marine Centre.

Accommodation is made up of Dive, Sunset, Garden and Beach Villas

With the hotel, on the island are the services, such as power and water plant…and staff accommodation.

The Beach Villas

Pre-Covid, the major markets were Italy, Germany, England and Russia. Average Occupancy 75% Average room rate: US$ 400. No. of staff: 300

Government lease rent: US$ 8 sqm, annual – land rent will be US$1m…. Green Tax: US$ 6 per night per guest… TGST (VAT): 12%…Business Profit Tax: 15%. AR

Main Photo: The 19-hectare island the hotel sits on,

Tenure: Head lease with remaining lease period (if the buyer wishes to extend the lease period later, this can be done directly with government for an additional payment.

Flag and Management: Open upon sale

Current Owner: Ownership has reverted to the bank

Financials: 2019 financials available upon signing LOI.

Agent: THPT is in partnership with local agent, who will help new owner through the auction process…..fees to be discussed

Guide Price: US$20m plus…we suspect it will go to $25m

Price per Key: from $150,000

Date Posted: July 2020

THPT Comment: Urgent attention required as the auction closes in early August. Our local agent knows the property well and can advise. At the right price, this is definitely a “distressed asset”

Contact us for further information

This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”

Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all

The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.

For more information – Visit www.thpt.co.uk or email [email protected].

MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.

Posted in Available, HA Asia, Hotels Available and tagged