Private equity investment group KSL Capital Partners has revealed plans for the refurbishment of two of its hotels in the Maldives.
The group says it will invest USD21m in upgrades, including a refurbishment of the W Maldives resort, where work is already under way. The property has been temporarily closed for the work to take place, and will reopen in late 2024. A second resort, Sheraton Maldives, will also undergo a planned refurbishment.
Upgrading the resort
KSL bought the properties in 2022, acquiring them from a joint venture between Marriott International and Universal Enterprises; the deal included an agreement for Marriott to continue to manage both resorts. W Maldives is located on the island of Fesdu, in North Ari Atoll, and features 77 bungalows, either on the beach or over water, with private balconies and their own pools. The luxury property features its own reef, six food and beverage outlets and a spa.
The Sheraton Maldives Full Moon Resort & Spa is a family-oriented property, featuring 176 villas, bungalows over water and cottages, many featuring their own plunge pools. Guests can enjoy pools, seven restaurants and bars, a spa, tennis courts and a kids’ club.
The group has interests in four other resorts in the country: Outrigger Maafushivaru, Soneva Fushi, Soneva Jani and the recently developed and opened Soneva Secret in the Haa Dhaalu Atoll.
“We’re confident that our continued investments will further elevate the unique and unforgettable guest experience these resorts offer, while also creating a positive impact in the local community,” said Tina Yu, partner at KSL Capital Partners. “As part of KSL’s mission to create enduring value, we remain steadfast in our commitment to the Maldives as one of the world’s premier travel and leisure destinations and will continue to support the country’s economic growth.”
Maldives attracts luxury brands
The Maldives is certainly an attractive proposition for luxury hotel brands, and several have projects in development. A JW Marriott Resort & Spa is nearing completion in Embhoodhoo Finolhu, with the 80 room project due to open before the end of 2024. Next year will see Bulgari launch a Maldives resort, while Mandarin Oriental will open a 120 room resort on Bolidhuffaru Reef. And Qatari investor Estithmar Holding is to develop a 120 suite Rosewood resort, aiming to set new standards of luxury, opening in 2027. It will be joined the same year by a Baccarat hotel and residences to be built across five islands in the South Male Atoll.
There are also plenty of new resorts arriving in the four star segment. Centara will open its Mirage Lagoon Maldives resort in the coming months, featuring 145 rooms and inspired by an underwater theme. As with many Maldives resorts, guests can enjoy accommodation in villas built over the water, or in beachside villas. Brands including Dusit, NH and Corinthia also have projects in the development pipeline as the Maldives grows its international appeal as a unique leisure destination.
