KSL Capital Partners has announced a $21 million investment in W Maldives to fund a comprehensive renovation aimed at enhancing the resort’s luxury offerings, to elevate the guest experience and reinforce the resort’s status as a top resort in the Maldives. Additionally, KSL plans to recommence capital improvements at Sheraton Maldives Full Moon Resort & Spa, adjusting to forthcoming infrastructural changes at Velana International Airport, while ensuring continued investment in the resort’s excellence.
From the moment you step onto this heart-shaped island playground, W Maldives invites you to experience luxury and vibrant energy. Immerse yourself in playful guestrooms, innovative cocktails, cuisines and cutting-edge lifestyle experiences. Unwind at the AWAY® Spa, explore vibrant marine life at DOWN UNDER, and embrace the ultimate escape with W’s signature Whatever/Whenever® service.
LONDON – KSL Capital Partners, LLC (“KSL”), a prominent private equity firm with a focus on travel and leisure investments, has announced a substantial $21 million investment in the W Maldives. This funding will be used for a comprehensive renovation of the resort, aiming to enhance its luxury offerings and maintain its position as a top destination in the Maldives. On August 14, 2024, KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, 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 expensive luxury properties in the Maldives.
In conjunction with this, KSL is also addressing strategic adjustments for Sheraton Maldives Full Moon Resort & Spa, following upcoming infrastructural changes at Velana International Airport (VIA). In their website KSL Capital Partners, LLC (“KSL”) stated, “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.”
“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 travellers 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.”
Starwood Hotels and Resorts Worldwide, Inc. was once one of the largest companies in the hospitality industry, owning, operating, franchising, and managing a diverse portfolio of hotels, resorts, spas, residences, and vacation ownership properties, including well-known brands like W Hotels and Sheraton Hotels and Resorts. In 2016, Marriott International acquired Starwood, bringing its brands under the Marriott umbrella.
W Hotels, originally founded by Starwood, is now a luxury hotel chain owned by Marriott International. It operates approximately 70 upscale hotels and extended-stay apartments worldwide. With more than 65 hotels in over 30 countries, W Hotels offers a vibrant, luxurious experience designed to engage guests at every moment. As stated on the W Hotels website: “We’re never finished. We’re always growing. With 65+ hotels in 30+ countries, we bring the W Hotels experience to life across expansive environments that meet every guest at every moment.”
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Significant Investment in W Maldives: Renovation to Elevate Guest Experience
Comprehensive Renovation Plans
KSL Capital Partners is making a major commitment to W Maldives with a $21 million investment directed towards a full renovation of the resort. This renovation, which began earlier this year, is set to upgrade virtually every aspect of the property, from guest accommodation to dining and leisure facilities. The resort will remain temporarily closed during the renovation, with plans to reopen in late 2024.
On May 1, 2024 W Maldives stated in social media, “It’s not a goodbye. We’ll see you soon! W Maldives is temporarily closed for full-scale renovation. We can’t wait to welcome you back and experience the new and refreshed wave of our Maldivian escape later this year!”
Previously, the plans were announced in the official website of W Maldives: “W MALDIVES REINVENTED. Please be informed that W Maldives is set to close and undergo major renovation works from May 1, 2024. This renovation will set the luxury playground to new heights with reopening slated for Q4 2024. Stay connected with us on our website and socials for more updates.”
Arrive at W Maldives with a scenic 25-minute seaplane ride from Velana International Airport (VIA) and receive a warm Maldivian-style welcome. The photo captures a seaplane landing on the resort’s lagoon, approaching the welcoming jetty.
Located on the private island of Fesdu in North Ari Atoll, W Maldives is renowned for its luxurious overwater and beach bungalows, each featuring private pools and direct access to the beach or sea. The resort boasts six distinctive restaurants and bars, a world-class spa, and access to some of the Maldives’ best snorkelling and diving spots. The extensive renovation aims to enhance these facilities further, ensuring that W Maldives continues to offer an unparalleled luxury experience.
Enhancements to Look Forward To
Four months ago Peter Foreman, a Senior Director of Sales and Distribution at Marriott International, stated: “Starting May 2024, W Maldives will temporarily close its doors for an exciting island renovation. We plan to unveil the newly transformed resort and invite guests from around the globe by the year’s end.”
“In recent days, key members from W Maldives have convened to strategize and define the future course for our resort post-renovation. These few days were particularly remarkable as Cheryl Lum & I, alongside the resort team – Amila Handunwala, Ariko Ahmad, Chunky Mathew, Juliana Juliana, Thevaloshani Vijaya, Claire (克莱尔) GRUEL and Constance Chang – and our Field Marketing team members, Hanny Wahyuni and Mathurot Chuladul, laid down the blueprint for unveiling our resort to the world later this year. Carly Van Sickle, from our W Hotels brand team was also present at critical moments to ensure our plans remained aligned with our vision.”
“A huge thank you to everyone involved for a productive and unforgettable few days. I am excited about the prospect of introducing the world to our revamped resort and its new direction later in 2024.”
The renovation is set to bring a series of upgrades aimed at enhancing the guest experience to new heights. Although specific details of the renovation remain closely guarded, several key areas are expected to see significant improvements:
- Elevated Accommodation: All 77 bungalows are undergoing meticulous upgrades to embody the pinnacle of luxury, combining sophisticated design with unmatched comfort.
- Revitalised Dining Venues: The resort’s six restaurants and bars are undergoing extensive renovations, offering enriched ambiances, innovative dining experiences, and an elevated culinary journey.
- Enhanced Wellness and Relaxation: The world-class spa is undergoing upgrades to ensure it continues to be a leading destination for ultimate relaxation and rejuvenation.
- Refined Resort Facilities: The resort’s facilities and amenities are in the process of being refined to create an even more luxurious and tranquil environment, complemented by thrilling adventures in the stunning North Ari Atoll of the Maldives.
Before W Maldives closed for renovation, the resort introduced the ‘Let It Glow’ concept, a creative vision curated by a global collective of influencers in fashion, design, music, and yoga. This initiative, part of W Hotels Worldwide, redefined luxury travel with a fresh, vibrant approach. W Maldives, known as a private island playground, caters to those who seek exclusivity and embrace a lifestyle brand that tantalises the senses. The island’s unique personality is reflected through its use of bold colours, innovative materials, and luminous elements, all inspired by the Indian Ocean’s vibrant marine life, twinkling stars, and bioluminescent plankton.
As the resort undergoes its current renovation, we anticipate the incorporation of new influences in fashion, design, art, and decor, while maintaining the authentic Maldivian luxury that harmonises with the island’s natural beauty and cultural heritage.
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Sheraton Maldives Full Moon Resort & Spa: Renovation and Future Relocation
Previous Renovations and Current Status
Before KSL acquired both W Maldives and Sheraton Maldives Full Moon Resort & Spa in June 2022, the Sheraton Maldives underwent a significant $20 million renovation completed by 2019. This renovation upgraded all facilities, including guest rooms, dining venues, and recreational areas, ensuring the resort continued to offer a high standard of luxury.
Immerse yourself in the beauty of Sheraton Maldives Full Moon Resort & Spa, where the shimmering blue lagoon, white-sand beaches, and swaying palms create a captivating escape. Just 15 minutes from Velana International Airport, enjoy a range of water activities like diving and snorkelling, and relax in beautifully designed rooms, overwater bungalows, and ocean-view villas, many featuring private plunge pools.
Located on the private Furanafushi Island, Sheraton Maldives is just a 15-minute speedboat ride from Velana International Airport. The resort features 176 guest rooms that blend seamlessly with the surrounding turquoise waters, pristine beaches, and lush greenery. It offers seven unique restaurants and bars, Shine Spa for Sheraton on its own island, and three outdoor tropical freshwater pools. These enhancements have solidified its status as a premier destination for honeymooners, families, and solo travellers.
Strategic Relocation and Government Plans
The government of the Maldives has announced a major transformation of Velana International Airport (VIA) as part of its 20-year master plan introduced in January. The plan includes converting the existing seaplane terminal into a private jet terminal, which will be relocated to the current site of Sheraton Maldives Full Moon Resort & Spa. This move aligns with the airport’s goal of expanding its capacity to accommodate 25 million passengers annually and handle up to 4,000 passengers per hour.
Minister of Economic Development and Trade, Mohamed Saeed, emphasised the importance of this relocation in a recent press conference. He detailed that the current seaplane terminal is at full capacity and that relocating it to Sheraton Maldives’ site is the most feasible solution for the airport’s expansion. This change is intended to optimise the use of available space and improve the efficiency of airport operations.
KSL Capital Partners and Government of Maldives is working closely to facilitate this transition smoothly. According to established precedents, the government will ensure that an ideal relocation site is provided for Sheraton Maldives. Additionally, they will negotiate fair compensation based on property audits, ensuring that KSL will not incur financial loss due to the relocation. However, the process is currently in the discussion phase. Typically, once discussions are concluded and a deal is finalised, the process leads to legally binding documents, such as memorandum of understandings and formal agreements. The exact timeline and new location for the resort will be finalised once discussions are completed.
Future Developments and Enhancements
Despite the impending relocation, KSL plans to continue its phased capital improvement plan for Sheraton Maldives. This plan aims to maintain and enhance the resort’s reputation as one of the premier family destinations in the Maldives. The firm’s commitment to investing in the resort underscores its dedication to providing exceptional experiences for guests while adapting to evolving market conditions.
As the government finalises the relocation details, KSL is focused on ensuring that Sheraton Maldives remains a top choice for travellers. It is highly probable that the firm’s investment strategy includes maintaining the resort’s high standards and implementing improvements to ensure a seamless transition to its new location.
KSL Capital Partners: Investing in Maldivian Tourism
KSL Capital Partners’ Commitment to the Maldivian Tourism Industry
KSL Capital Partners has been a significant investor in the Maldivian tourism industry, with investments in six major hotels in the country, including the W Maldives, Sheraton Maldives, Soneva Fushi, Soneva Jani, the recently developed Soneva Secret, and OUTRIGGER Maldives Maafushivaru Resort. The company’s investments underscore its commitment to enhancing the luxury travel experience in the Maldives and supporting the country’s economic growth.
Why KSL Capital Partners Invests in the Maldives:
- Premier Travel Destination: The Maldives is renowned as one of the world’s premier travel and leisure destinations, attracting travellers from around the globe with its stunning natural beauty, luxury resorts, and unique experiences.
- Strategic Importance: By investing in the Maldives, KSL Capital Partners not only enhances its portfolio of luxury properties but also contributes to the growth and development of the Maldivian economy.
- Commitment to Excellence: KSL’s investments are focused on creating enduring value and ensuring that the resorts under its portfolio offer unparalleled experiences to guests.
The $21 million investment in W Maldives and the strategic adjustments for Sheraton Maldives highlight KSL’s commitment to maintaining and elevating the Maldives’ status as a leading luxury destination. By investing in exceptional properties and adapting to market changes, KSL aims to ensure that its resorts continue to provide unparalleled experiences while supporting local economic development.
Key Highlights:
- $21 Million Renovation: KSL Capital Partners invests $21 million in W Maldives for a comprehensive renovation, with reopening planned for late 2024.
- Sheraton Maldives’ Renovation: The resort completed a $20 million renovation by 2019 before KSL’s acquisition in 2022.
- Seaplane Terminal Relocation: The existing seaplane terminal at Velana International Airport will be converted into a private jet terminal, with the seaplane terminal relocating to Sheraton Maldives’ current site.
- Government Support: In situations like this, it is common practice for the Maldives government to provide an ideal location for the relocation of Sheraton Maldives. The government would also ensure that the owners of Sheraton Maldives Full Moon Resort & Spa receive compensation based on the audited value of the property. This guarantees that KSL Capital Partners will not incur any losses due to the relocation. However, the final arrangements will be determined after a series of discussions, resulting in legal agreements such as memorandums of understanding and formal contracts.
Embrace the Maldives’ rich heritage at Sheraton Maldives Full Moon Resort & Spa, where a diverse collection of 176 rooms includes elegant rooms, charming cottages, luxurious water bungalows, and an expansive two-bedroom water suite, each offering a unique and indulgent experience.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specialising in travel and leisure enterprises, focusing on five key sectors: hospitality, recreation, clubs, real estate, and travel services. With offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England, KSL invests through three primary strategies: equity, credit, and tactical opportunities funds. KSL’s current portfolio includes some of the most prestigious properties in the travel and leisure industry. For more information, please visit www.kslcapital.com.
Stay Informed on the Latest Updates
Keep up with the latest updates as W Maldives gears up to welcome guests back to an enhanced experience, perfect for romantic couples, solo travellers, and now, families with children. At The Island Insights, we wholeheartedly recommend the Sheraton Maldives Full Moon Resort & Spa. This outstanding resort offers something for everyone, making it an ideal destination for honeymooners, families with young children or teens, and solo travellers alike. Follow our journey on ‘The Island Insights,’ where Maldives travel and tourism experts provide honest and unbiased firsthand information.
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CONTACT: W Maldives
For more information and bookings visit W Maldives, feel free to contact at [email protected] or please call +960-666-2222
CONTACT: Sheraton Maldives Full Moon Resort & Spa
For more information and bookings visit Sheraton Maldives Full Moon Resort & Spa, feel free to contact at [email protected] or please call +960-664-2222
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Images courtesy of W Maldives and Sheraton Maldives Full Moon Resort & Spa unless otherwise noted.
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