Anantara馬爾代夫度假酒店

I stayed in Four Seasons Water Bungalow. Very relaxing mood. Service of very high quality. Maybe slightly over your budget but worth trying as many celebrities stayed there as well.

Hilton has recently renovated their hotel but you have to take the water-jet coz it's quite far away.

By the way, don't ever imagine you can simply jump off the terrace into the blue sea because the reef is very sharp and pointed. But the good thing about living in water bungalows is that you can see many fishes swimming at night, which is cute.