Leading travel and leisure investor KSL Capital Partners announced on Thursday that its subsidiary plans to invest $21 million in W Maldives to completely renovate the resort and resume capital investments at the Sheraton Maldives Full Moon Resort & Spa, continuing its investment in one of the Maldives’ most expansive luxury properties.
The $21 million investment will fund a complete renovation of W Maldives, aimed at upgrading nearly every aspect of the resort. The renovations began earlier this year, with W Maldives temporarily closed to guests. It is scheduled to reopen in late 2024.
Located on the private island of Fesdu in North Ari Atoll, W Maldives consists of 77 overwater or beach bungalows, each with a private pool and direct access to the beach or ocean. W Maldives guests can enjoy the resort’s six restaurants and bars, a world-class spa, and snorkeling and diving on one of the Maldives’ most beautiful house reefs.
KSL had suspended capital expenditure plans at Sheraton Maldives earlier this year and was in discussions with the Maldivian government regarding the future of the resort. Emerging from these discussions, KSL plans to resume its phased capital expenditure plans and maintain Sheraton Maldives’ reputation as one of the Maldives’ premier family resorts.
Sheraton Maldives is located on the private island of Furanafushi, a short speedboat ride from Velana International Airport. The 176-room resort offers overwater bungalows, ocean-view villas, and cottages, many with private plunge pools. Sheraton Maldives offers seven restaurants and bars, multiple freshwater pools, a full-service spa, tennis facilities, and a Sheraton Kids Club.
“We are excited to move forward with plans for two incredible properties, W Maldives and Sheraton Maldives Resort, that will offer travelers from around the world the very best that the Maldives has to offer,” said Tina Yu, Partner at KSL Capital Partners. “We are confident that our continued investment will further enhance the unique and unforgettable guest experiences these resorts offer and positively impact the local community. As part of KSL’s mission to create lasting value, we remain steadfast in our commitment to the Maldives as a leading global travel and leisure destination and will continue to support the country’s economic growth.”
KSL acquired W Maldives and Sheraton Maldives in June 2022. KSL is a significant investor in the Maldives with investments in six leading hotels in the country, including W Maldives, Sheraton Maldives, Soneva Fushi, Soneva Jani and the recently developed and opened Soneva Secrets and Outrigger Maafushivaru Resort.
KSL Capital Partners is a private equity firm focused on travel and leisure companies in five key sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, UK. KSL invests across three primary strategies through equity, credit and tactical opportunity funds. KSL’s current portfolio includes some of the premier travel and leisure properties. For more information, please visit www.kslcapital.com.
