Sri Lanka’s Hayleys PLC has entered into an agreement to dispose of its Maldives resort assets linked to NH Maldives Kuda Rah Resort for USD 17.25 million, equivalent to approximately MVR 266 million, reflecting a significant portfolio transition within the group’s regional leisure business. The agreement, signed on 16 May 2026 with Bohemia Luxury Resort (Pvt) Ltd, covers property, plant and equipment, leasehold rights, intangible assets and inventories associated with the group’s hotel operations in the Maldives. The transaction highlights a strategic realignment by Hayleys as it continues to refine its hospitality portfolio, while the resort itself remains positioned as an established luxury destination in one of the world’s most sought-after tourism markets.
The resort assets are held through Luxury Resort (Pvt) Ltd, a wholly owned subsidiary of Hayleys PLC. This entity had been used by Hayleys and its leisure arm, formerly Amaya Leisure, to acquire Kuda Rah Island Resort in 2016 for USD 23 million, or around MVR 354.7 million. Following the acquisition, the property operated as Amaya Kudarah Maldives and developed its presence within the country’s competitive upscale resort segment. The latest transaction marks an important stage in the evolution of the asset, demonstrating continued investor interest in high-quality Maldivian resort properties and the enduring value of well-positioned tourism assets in the archipelago.
Hayleys stated that management expects the transaction to be completed within the first few months from the reporting date. In its consolidated financial statements for the year ended 31 March 2026, the group classified the assets and related liabilities of Luxury Resort (Pvt) Ltd as held for sale, while also presenting the subsidiary as a discontinued operation. The financial impact of the committed disposal included an impairment loss of LKR 6.9 billion, equivalent to approximately USD 20.8 million or MVR 321 million. This comprised an impairment of LKR 2.9 billion on investments in Luxury Resort (Pvt) Ltd, equivalent to about USD 8.8 million or MVR 135 million, as well as LKR 2.5 billion on balances receivable from the subsidiary, equivalent to roughly USD 7.5 million or MVR 116 million. Hayleys also reported a loss of LKR 1.23 billion from discontinued operations for the 12 months ended 31 March 2026, equivalent to approximately USD 3.7 million or MVR 57 million. Assets held for sale stood at LKR 6.05 billion, or about USD 18.3 million and MVR 282 million, while liabilities directly associated with those assets amounted to LKR 609.27 million, equivalent to approximately USD 1.8 million and MVR 28 million.
Despite the ownership transition, the resort continues to hold a strong position in the Maldives tourism market through its operation under Minor Hotels’ NH Hotels & Resorts brand. Since joining Minor Hotels’ portfolio, the property has been operating as NH Maldives Kuda Rah Resort, with the NH brand introduced at the resort from 1 September 2024. The development represented the debut of the NH Hotels & Resorts brand in the Indian Ocean and added a new dimension to the brand’s international expansion. The continuation of operations under NH Hotels & Resorts following the head lease sale reinforces confidence in the property’s long-term commercial appeal and highlights the Maldives’ continued relevance as a premium destination for international hospitality brands.
Located in the highly regarded South Ari Atoll, NH Maldives Kuda Rah Resort offers an intimate luxury experience with 51 beach and overwater pool villas and suites. The resort combines privacy, comfort and accessibility, making it attractive to a broad mix of global travellers, including honeymooners, families, divers and guests seeking a boutique-style island retreat. Access to the resort is convenient, with guests travelling from Malé by a 25-minute seaplane journey followed by a short speedboat or dhoni transfer, allowing visitors to arrive quickly while still experiencing the distinctive island transfer that is part of the Maldives holiday experience.
The resort’s setting in South Ari Atoll remains one of its strongest advantages. The area is internationally recognised for marine biodiversity and premium diving opportunities, and the property is situated close to Kuda Rah Thila, one of the Maldives’ noted dive sites. Guests also benefit from proximity to excursion areas famous for whale shark and manta ray sightings, which continue to be among the most popular experiences for travellers visiting the country. This combination of luxury accommodation and access to exceptional underwater attractions enhances the resort’s market appeal and supports its position within the Maldives’ high-value tourism offering.
NH Maldives Kuda Rah Resort is also distinguished by its carefully curated facilities and guest services. The property features multiple dining outlets, giving visitors a range of culinary experiences suited to different preferences and occasions, while its spa and wellness offerings contribute to the growing demand for restorative and experience-led travel. Additional amenities such as a gym, infinity pool, kids’ club, dive centre and water sports centre strengthen the resort’s profile as a well-rounded destination capable of serving both leisure-focused couples and family travellers. The accommodation mix, which includes beach villas, overwater villas and larger suites, is designed to cater to diverse guest segments, with private pools adding a premium level of exclusivity and comfort across the stay experience.
For the Maldives tourism sector, the transaction reflects the sustained attractiveness of the country’s resort market to regional and international investors, even as operators and asset owners continue to refine their strategies. The resort’s transition comes at a time when branded hospitality products, experiential travel and marine-based luxury tourism remain key strengths of the Maldives’ global tourism offering. Properties such as NH Maldives Kuda Rah Resort continue to support the country’s reputation for high-end island hospitality by combining natural beauty, personalised service and contemporary resort amenities in a distinctive destination setting.
Hayleys Leisure, formerly Amaya Leisure, continues to operate a portfolio of properties in Sri Lanka, while the Maldives disposal signals the group’s exit from its major operating assets in the country’s resort sector. At the same time, the continued operation of NH Maldives Kuda Rah Resort under an established international hospitality brand presents a positive outlook for the asset’s next chapter. With its strong location, refined villa offering, marine excursion appeal and established luxury infrastructure, the resort remains well positioned to continue welcoming global travellers and contributing to the Maldives’ standing as one of the world’s premier tourism destinations.
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