Abu Dhabi real estate major Aldar has acquired the DoubleTree by Hilton Resort and Spa Marjan Island and an adjacent beachfront development plot in Ras Al Khaimah – in a AED810 million ($220.5 million) deal.
The move follows the developer’s recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr – all part of Aldar’s aim to boost its hospitality and leisure portfolio.
“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,” Jassem Busaibe, the chief executive officer of Aldar’s investment arm, said.
The Abu Dhabi company now has a total investment of AED2 million in Ras Al Khaimah.
Busaibe added: “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.”
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