Dubai: Abu Dhabi’s Aldar Properties has bought its second major resort in Ras Al Khaimah, this time with the DoubleTree by Hilton Resort & Spa Marjan Island and an adjacent beachfront development plot for Dh810 million. The former had earlier bought the Rixos Bab Al Bahr in the northern emirate as well as the Al Hamra Mall.
Aldar’s latest deal brings its total Ras Al Khaimah exposure to Dh2 billion, all of which happened this year.
“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.
A hospitality boost for Aldar
The DoubleTree by Hilton deal delivers substantial heft to Aldar’s hospitality portfolio, which now totals more than 4,250 keys. The property, which has been hitting above-market average occupancy levels, is located in the first section of Al Marjan Island.
Jahed Rahman, Chief Investment Officer at Aldar Investment and Chairman of Aldar Hotels & Hospitality, said: “Through this investment, we have not only bolstered our portfolio of recurring income generating assets but also positioned Aldar to capture a greater share of the growing Ras Al Khaimah market through additional development rights at the destination.
“The acquisition adds to the significant investment already made in our recurring income business this year. We continue to assess and pursue opportunities to deploy further capital as we ramp up the execution of our growth strategy and drive value across our platform.”