Browns Investments PLC (BIL) has signed a Sale and Purchase Agreement to sell the assets and business of the Barceló Whale Lagoon Maldives Resort for USD 57.5 million.
The agreement was signed by BIL’s subsidiary, Browns Ari Resort (Private) Limited, with ASB Hotel Properties Maldives Private Limited, a local subsidiary of Dubai-based Albwardy Investment. Completion of the transaction is subject to regulatory and third-party approvals in the Maldives.
Barceló Whale Lagoon Maldives, located in South Ari Atoll, is a five-star property comprising 100 villas and suites. Positioned near the South Ari Marine Protected Area (SAMPA), the resort is known for offering guests opportunities to encounter whale sharks and manta rays. It features three restaurants, a snack bar, three bars, two infinity pools, a spa, a fitness centre, and a wide range of water sports and excursions.
The move comes as Browns Investments continues to reshape its leisure portfolio in the Maldives. Earlier this year, the company opened Barceló Nasandhura Malé, a 16-storey seafront hotel in the capital city. The project, valued at USD 100 million, includes 136 rooms and 116 serviced apartments, alongside extensive MICE facilities such as two grand ballrooms.
Albwardy Investment, the acquiring party, maintains a growing international hospitality portfolio across four continents, often developed in partnership with major hotel brands. Its acquisition of the South Ari property marks a further expansion of its presence in the Maldives tourism sector.
A further announcement will be made once the transaction has received all necessary approvals.
