In September 2014, OKM Private Limited, a wholly-owned subsidiary of Outrigger Enterprises Group, purchased the partially completed Konotta Maldives Resort from Aima Construction and Platinum Capital Holdings.
In just 10 months, the property underwent an aggressive completion program that included the total redesign of all public areas and rooms product, opening on August 1 with 29 beach pool villas (four newly constructed), 21 overwater pool villas and a new 509sqm three-bedroom overwater Presidential villa.
Following the resort acquisition, in the first three months of operation, rooms revenue has exceeded initial operating underwriting by 132%, with ADR up 11% over the original forecast.
The transaction involved disposal of a non-performing loan and a complicated sale process requiring intense co-operation between the principals, lending consortium and creditors for a successful outcome. The entire redevelopment was delivered on time and on budget.
Outrigger Enterprise Group CEO and President, David Carey, accepted the award at HICAP. He said: “Outrigger Resorts is truly honored and grateful to receive this accolade from HICAP. Outrigger has the goal of becoming the premier beachfront resort brand in the world. The success of our Maldives project is indicative of our commitment to that process. There will be more to come in the months ahead.”