Universal Enterprises has sold Sheraton Maldives and W Maldives, two resorts that the company had a stake in.
Universal and Starwood have stakes in Kaafu Atoll Fauranafushi where Sheraton Maldives Full Moon Resort & Spa is run and Alifu Alifu Atoll Fesdhoo where W Maldives is operated. Starwood is run by the world's leading hotel chain, Marriot International.
JLL’s Hotels & Hospitality Group represented Universal Enterprises and Marriott International, and in a statement released today, they revealed that the resorts are sold with the benefit of Marriott International management. They further noted that the sale of these two award-winning resorts represents one of the largest open-market transactions in the Maldives along with the sale by JLL of both the Conrad Maldives Rangali Island and the Anantara Dhigu, Veli & Naladhu Maldives Resort in 2019, and Cheval Blanc Randheli in 2015, reinforcing the Maldives’ position as a major institutional capital destination.
“This landmark sale serves as a testimonial to the expertise and dedication of JLL’s Hotels & Hospitality team as the leading advisor in the Indian Ocean and beyond. Despite the challenges with travel restrictions, the large transaction size and complex nature of this transaction, we engaged a broad investor base that recognized and valued the Maldives for its resilience and stature as a global gateway resort destination,” says Nihat Ercan, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
They noted that the properties were sold to a global private equity investor for an undisclosed sum.