UK-based Magna Group has announced its first global hotel and branded residences project in Al Marjan Island in Ras Al Khaimah, having acquired a plot on the man-made island for an undisclosed sum.
Valued at AED350 million ($95.3 million), the new hotel project includes a 372-room resort as well as 78 residences and is scheduled to be completed in 2021.
The 78 branded residences will be available for purchase or longer-term rental.
Magna Group and its holding company Magna Asset Management Ltd, which have a portfolio of about £250 million in assets in and around London, said the resort will be operated by an international hospitality chain to be announced shortly.
Peter Malone, Magna Hotel Group chairman, said: “We are delighted to partner with Marjan to establish our first hotel project. It will be a heavily design led, upscale product offering best of breed service levels which will become a must stay destination.”
Abdulla Al Abdouli, managing director and CEO of Marjan, added: “The acquisition of land in Al Marjan Island for its first global hotel project by Magna Group highlights the strong potential for growth offered by Ras Al Khaimah.”
Magna Group said Ras Al Khaimah offered "all the competitive strengths it was looking for" including its geographic location, connectivity, ease of access for European visitors, investor-friendly regulations, and infrastructure.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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