Aldar Properties, through its Aldar Investment business, has expanded its hospitality and leisure portfolio with the acquisition of DoubleTree by Hilton Resort & Spa Marjan Island, and an adjacent beachfront development plot for a total consideration of Dhs810m.
With this acquisition, the company’s hospitality and leisure portfolio now has a total of over 4,250 keys, bringing Aldar’s total investment in Ras Al Khaimah (RAK) to Dhs2bn, complementing the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr.
Read: Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, takes total investment in RAK to Dhs1.5bn
Jassem Busaibe, CEOat Aldar Investment said: “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.”
“The transaction not only affirms our commitment to the market, but it also adds depth and scale to our reach given the asset’s complementary value proposition, development potential, and target clientele. 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 Ras Al Khaimah.
Jahed Rahman, CIO 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 and 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.”