Abu Dhabi-based Aldar Properties has acquired the DoubleTree by Hilton Resort & Spa Marjan Island property in Ras Al Khaimah for Dhs810 million.
The acquisition of the beachfront resort was made by Aldar Investment. Aldar’s hospitality and leisure portfolio now includes over 4,250 keys.
The property, which reportedly benefits from above-market average occupancy levels, is located on the first section of Al Marjan Island.
“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 3 million visitors annually by 2025,” said Jassem Busaibe, CEO at Aldar Investment.
“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.”
The DoubleTree by Hilton deal brings Aldar’s total investment in Ras Al Khaimah to Dhs2 billion, including the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr in the emirate.
In February, Aldar Properties made its first investment in Ras Al Khaimah by acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra in a Dhs410 million transaction.
A few weeks later, Aldar Properties acquired the Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million deal. The 715-room Rixos property opened in 2014.