Underscores Commitment to Investing in
Exceptional Businesses, Expanding Tourism and Supporting
Economic Growth in the Maldives
LONDON, Aug. 14,
2024 /PRNewswire/ -- KSL Capital Partners, LLC
("KSL"), a leading investor in travel and leisure businesses, today
announced its affiliates will invest $21
million in the W Maldives
to fully renovate the resort and plan to recommence capital
spending at the Sheraton Maldives Full Moon Resort & Spa
("Sheraton Maldives") to continue investing in one of the most
expansive luxury properties in the Maldives.
The $21 million investment will
support a comprehensive renovation of the W Maldives that is designed to upgrade
virtually all aspects of the resort. The renovation commenced
earlier this year, and the W
Maldives will remain temporarily closed to guests. It is
expected to reopen in late 2024.
Located on the private island of Fesdu in North Ari Atoll, the
W Maldives comprises a combination
of 77 overwater or beach bungalows with private pools and direct
beach or sea access. Guests of the W
Maldives can enjoy the resort's six restaurants and bars, a
world-class spa and snorkeling and diving at one of the best house
reefs in the Maldives.
KSL suspended its capital spending plans at the Sheraton
Maldives earlier this year and had been in discussions with the
Government of Maldives about the
future of the resort. Electing to move on from those discussions,
KSL plans to recommence its phased capital improvement plan to
maintain the Sheraton Maldives' leading reputation as one of the
premier family resorts in the Maldives.
The Sheraton Maldives is located on the private island of
Furanafushi, a short speedboat ride from Velana International
Airport. The 176-room resort features overwater bungalows, ocean
view villas and cottages, many with private plunge pools. The
Sheraton Maldives offers seven restaurants and bars, multiple
fresh-water pools, a full-service spa, tennis facilities and the
Sheraton Kids' Club.
"We're excited to move forward with our plans at the
W Maldives and the Sheraton
Maldives resorts, two exceptional properties that offer the best of
the Maldives to travelers from
around the globe," said Tina Yu,
Partner at KSL Capital Partners. "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. 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."
KSL acquired the W Maldives and
Sheraton Maldives in June 2022. KSL
is a significant investor in the Maldives with investments in six major hotels
in the country, including the W
Maldives, Sheraton Maldives, Soneva Fushi, Soneva Jani, the
recently developed and opened Soneva Secrets and Outrigger
Maafushivaru Resorts.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing
in travel and leisure enterprises in five primary sectors:
hospitality, recreation, clubs, real estate and travel services.
KSL has offices in Denver,
Colorado; Stamford,
Connecticut; New York, New
York; and London, England.
KSL invests across three primary strategies through its equity,
credit and tactical opportunities funds. KSL's current portfolio
includes some of the premier properties in travel and leisure. For
more information, please visit www.kslcapital.com.
Media Contact
Kate
Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer
Katcher
KSL-JF@joelefrank.com
(212) 355-4449
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SOURCE KSL Capital Partners