Aldar Properties, through its Aldar Investment business, has announced the acquisition of the beachfront resort, DoubleTree by Hilton Resort & Spa Marjan Island, and an adjacent beachfront development plot for AED810 million ($220 million).
Aldar said the acquisition adds considerable weight to the its 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 AED2 billion, complementing the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr.
Speaking on the occasion, Jassem Busaibe, Chief Executive Officer at 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 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, Aldar said.