ARADA, a joint venture between KBW Investments and Basma Group, on Thursday signed a management agreement with Emaar Hospitality Group to launch three new hotels in Sharjah.
The three hotels under Emaar Hospitality Group’s premium lifestyle Address Hotels + Resorts, upscale lifestyle Vida Hotels and Resorts, and the contemporary midscale Rove Hotels will be located in Aljada, a 24 million square foot integrated lifestyle destination.
The agreement was signed by Sheikh Sultan bin Ahmed Al Qasimi, chairman of ARADA, Prince Khaled bin Alwaleed bin Talal, vice chairman of ARADA, and Mohamed Alabbar, chairman of Emaar Properties.
Under the terms of the agreement, Emaar Hospitality Group will manage Address Aljada Sharjah with 150 rooms, and Address Residences Aljada Sharjah, an exclusive selection of only 150 serviced residences, located in Aljada’s Central Hub, the heart of the megaproject.
In close proximity is the Vida Aljada Sharjah with 175 hotel rooms and Vida Residences Aljada Sharjah with 120 residences. Located within Aljada’s Business Park is the 300-room Rove Aljada Sharjah. The serviced residences under Address and Vida will be offered for sale in the fourth quarter of 2018.
Al Qasimi said: Hospitality is one of the core aspects of the mega-development. With the growth in tourist arrivals to Sharjah, and the emirate’s status as a cultural hub, there is strong potential for building a robust hospitality infrastructure. Our agreement with Emaar will bring proven hospitality competencies to this spectacular development that will transform Sharjah’s economy.”
Alabbar added: “ARADA is redefining the residential and commercial landscape of Sharjah with Aljada, its ambitious master-planned destination that will catalyse all sectors of the economy. Through our partnership, we are bringing three distinctive hotel experiences that will meet the requirements of visitors and residents. This is a great example of the collaborations we foster to create iconic destinations of the future.”
Launched in September 2017 by Sharjah ruler Sheikh Dr Sultan bin Muhammad Al Qasimi, the AED24 billion Aljada will be delivered in phases starting in 2019, while the entire project is expected to be completed by 2025.
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