Sri Lankan conglomerate, Aitken Spence Hotels and Resorts has announced its decision to sell lease rights for N. Raafushi for USD 5.38 million.
The uninhabited Maldivian island located in Noonu Atoll was leased out by Aitken Spence’s subsidiary, Ace Resorts for an acquisition cost of USD 3.77 million in 2015.
This was the sixth island acquired by the company, announced to build a 250-villa resort on the island in 2-3 years time. However, no work was carried out to develop the island.
According to Aitken Spence, the decision to put Raafushi up for sale was due to a shift of policy from developing and managing resorts on its own and opts for management contracts to run such properties as it is far more profitable.
Raafushi is a picturesque island with a wonderful white sandy beach, blue waters and has 45.24 quarter in length.
Aitken Spence also acquired R. Aarah in 2015, which they developed a luxury resort which opened this year and consists of 162 rooms.
The company currently operates 7 resorts in the Maldives, including Adaaran Hudhuranfushi, Adaaran Prestige Vaadhoo and Adaaran Club Rannalhi.