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CDL acquires second Maldives resort

CDL Hospitality Trusts has acquired its second hotel in the Maldives, the Jumeirah Dhevanafushi, from Dubai-based Xanadu Holdings for a reported US$59.5 million, according to deal broker Jones Lang LaSalle, Hotels & Hospitality Group.

The sale includes a long-term management agreement with Jumeirah Hotels & Resorts. The luxury resort has 35 villas, with another two expected to be completed by the seller next year. For the first nine months of this year, the property has reached US$754 in RevPAR, according to Vincent Yeo, chief executive officer of M&C REIT Management Ltd., which manages the CDL Hospitality REIT. The REIT, together with CDL Hospitality Business Trust, makes up CDL H-Trusts.