JLL has announced its involvement in a significant debt refinancing transaction for Amingiri Holdings Pvt. Ltd., the owner of Hilton Maldives Amingiri Resort & Spa. This marks JLL’s first debt refinancing deal in the Maldives hospitality market, combining the expertise of its Hotels & Hospitality Group and Debt & Structured Finance teams.
The refinancing arrangement was facilitated by JLL’s teams in Singapore, in collaboration with an international bank that acted as the arranger, facility agent, and security agent for the loan. This milestone is expected to stimulate further interest in debt financing within the Maldives, opening avenues for more international lenders to enter the market.
Amingiri Holdings Pvt. Ltd. is a subsidiary of Amin Construction Pvt. Ltd., a leading real estate company in the Maldives. The Hilton Maldives Amingiri Resort & Spa, which opened in July 2022, features 109 villas spread across beachfront and overwater accommodations. Situated on Amingiri Island in the North Malé Atoll, the property is accessible by a 20-minute speedboat ride from Velana International Airport.
Nihat Ercan, CEO of JLL’s Hotels & Hospitality Group for Asia Pacific, described the refinancing deal as a natural extension of JLL’s longstanding involvement in the Maldives’ hospitality sector. “We have long provided innovative investment advisory solutions to the Maldives’ leading hotel owners and operators, and proudly take our commitment to this market to another level by providing JLL’s first debt refinancing deal in the market,” said Ercan. He added that JLL anticipates strong interest in refinancing programs tailored to the Maldives’ unique market conditions.
Paul Brindley, Head of Debt Advisory for JLL in Asia Pacific, highlighted the transaction as a key step in expanding structured finance services in the region. “Advising on a transaction of this scale in the Maldives is a landmark for the country’s hospitality industry and JLL’s evolving debt financing footprint regionally,” Brindley said.
The deal follows JLL’s recent recognition as the top advisor for Asia Pacific hotel investment sales in 2024 by MSCI Real Assets, marking the 13th consecutive year the firm has received this accolade. JLL has advised on approximately USD 2.0 billion worth of resort transactions in the Maldives to date.
