I agree probably Cocoa Island, but in case you want a different option I very much liked the Two Bedroom Ocean Pavilion at Huvafen Fushi. Overall the hotel is very nice albeit not in the "luxury" conversation, but that category of room (there are two) is right out at the end of a jetty (see the satellite view on Google Maps) so you have complete privacy. You can even go snorkelling naked..... I'm told.