Konotta Resort sold to Outrigger Enterprises

Konotta Island Resort, a partially completed 48-villa project in the Maldives, has been sold to OKP Private Limited, a wholly-owned subsidiary of Hawaii-based Outrigger Enterprises Group.

Singapore’s JLL Hotels and Hospitality Group said in a statement issued today, that Outrigger Enterprises Group will now complete the outstanding construction work and launch the property as its flagship Maldivian resort in 2015.

The price at which the resort was sold has not been disclosed.

Executive Vice President of JLL Hotels & Hospitality Group, Nihat Ercan, noted in the statement that resort hotels of this size with immediate branding potential in the Maldives, are highly valued by investors.

He said that the Maldives “is set to remain one of the world’s most exclusive eco-tourism destinations.”

Konotta Island Resort is located 340 kilometres south of Male’.

JLL further said in the statement that this sale marks its sixth completed transaction in the Maldives since 2012, taking its resort sales in the Indian Ocean to more than USD 500 million to date.