Aldar Properties, the biggest developer in Abu Dhabi by market value, has bought Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million ($210m) deal, the company said in a statement to the Abu Dhabi Securities Exchange.
Aldar Investment acquired the 715-room hotel that opened its doors in 2014, marking the company’s second investment in the emirate this year.
“The acquisition adds further scale to Aldar Investment’s growing hospitality and leisure portfolio and will bring its total investment in Ras Al Khaimah to Dh1.5 billion, including the earlier acquisition of Al Hamra Mall and additional development rights at both properties,” the company said.
Aldar Investment has also secured development rights for an additional 250,000 square feet for residential and commercial use, it said.
Separately, RAK Hospitality Holding, a hospitality and leisure company that owns and operates hospitality and leisure assets, confirmed the sale of Rixos Bab Al Bahr to Aldar Investment through its subsidiary RAK National Hotels.
During a period in which the UAE’s property market is recovering, Aldar posted a 21 percent increase in its full-year profit to approximately Dh2.3bn in 2021.