"The mature nature of this five-star asset complements our existing suite of properties," says CEO
Aldar Properties has acquired DoubleTree by Hilton Resort & Spa Marjan Island in Ras Al Khaimah, and an adjacent beachfront plot for AED810 million (US$220.5 million).
This latest purchase has expanded the company’s hospitality and leisure portfolio, which now has a total of more than 4,250 keys and brings Aldar’s total investment in Ras Al Khaimah to AED2 billion.
Commenting on the news, Aldar Investment chief executive officer Jassem Busaibe said: "The mature nature of this five-star asset complements our existing suite of properties in Ras Al Khaimah which continues to represent a robust hospitality and tourism market with strong growth potential in line with the Emirate’s aim to attract three million visitors annually by 2025.
"The transaction not only affirms our commitment to the market, but it also adds depth and scale to our reach given the asset’s complementary value proposition, development potential and target clientele.
"While the acquisition is both value and yield accretive, we still see room for additional upside by leveraging our scale and deploying our asset management capabilities effectively as we continue to grow and transform our platform at an accelerated pace."
The property is located on the first section of Ras Al Khaimah’s Al Marjan Island which, as a result of the emirate’s concerted effort to advance its tourism agenda, is growing in popularity as a tourism hub.
For more information, visit www.aldar.com/en