With the DoubleTree by Hilton Resort & Spa Marjan Island and nearby beachfront development property, Aldar Properties of Abu Dhabi has acquired its second significant resort in Ras Al Khaimah for Dh810 million. The former had previously acquired both the Al Hamra Mall and the Rixos Bab Al Bahr in the northern emirate.
Aldar’s most recent transaction, which was all of this year, increased its exposure to Ras Al Khaimah to Dh2 billion.
“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,” said Jassem Busaibe, CEO at Aldar Investment.
The DoubleTree by Hilton transaction gives Aldar’s hospitality portfolio, which currently includes more than 4,250 keys, a significant boost.