Addu City, Maldives – Shangri-La’s Villingili Resort and Spa, the most luxurious hotel brand located in Addu atoll, has been opened to investors up for acquisition, after having its operations shut down for more than two years in the aftermath of the Covid-19 pandemic.
The resort’s 70% majority shareholder, Addu Investment Private Limited has appointed the American commercial real estate and investment firm, CBRE Group as an agent for the sale of the Shangri-La brand’s only property in the Maldives. CBRE has opened for investors to submit their Expression of Interest (EOI) proposals, starting from the 7th of June 2022.
Villingili Resort and Spa by Shangri-La is an upmarket tourist destination located in the southernmost Addu City and is just five minutes away from Gan International Airport by speedboat. It is a fifty-hectare large resort with an award-winning spa, luscious tropical beauty, 3 restaurants and 3 bars, and boasts of the only nine-hole golf course in the Maldives.
The luxury resort shut down indefinitely during the Covid-19 pandemic, suffering huge losses due to global travel and health restrictions. Villingili Resort along with Canareef Resort are two important sources of income for the city. Canareef Resort has reopened for business after being closed due to the Covid-19 pandemic while Shangri-La’s Villingili Resort and Spa remain closed.
While the remaining 30% shares of Villingili resort are government-owned, discussions were made by the government to leave the shares, in a bid to open the resort by the end of this year. Adduans have expressed their grievances on social media platforms, criticizing the government’s inaction leading to the extended closure of the resort and the subsequent losses incurred to the economy of the city.