Aldar Properties, through its Aldar Investment business, has acquired the beachfront resort, DoubleTree by Hilton Resort & Spa Marjan Island, and an adjacent beachfront development plot, for a total consideration of $220.5 million.
The acquisition adds considerable weight to the company’s hospitality and leisure portfolio, which now has a total of over 4,250 keys, and brings Aldar’s total investment in Ras Al Khaimah to $545 million, complementing the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr.
“The mature nature of this five-star asset complements our existing suite of properties in RAK 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. The transaction not only affirms our commitment to the market, but also adds depth and scale to our reach given the asset’s complementary value proposition, development potential, and target clientele.”
Mr. Busaibe added that, “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.”
The property, which benefits from above-market average occupancy levels, is located on the first section of Al Marjan Island, a growing tourism hub and staycation destination in RAK. The market continues to exhibit strong tourism growth potential, particularly in light of the progressive measures that the Emirate continues to implement as part of a wider and concerted effort to advance its tourism agenda.