Middle East

Alder Acquires RAK’s DoubleTree by Hilton Resort and Spa

Through its Aldar Investment business, Aldar Properties has expanded its hospitality and leisure portfolio by acquiring DoubleTree by Hilton Resort & Spa Marjan Island and the adjacent beachfront development area, considering a total of Dhs810m.

With this acquisition, the company’s hospitality and leisure portfolio has a total of more than 4,250 keys, with Al Khaimah’s total investment in Ras Al Khaimah (RAK) reaching $ 2 billion and recent Al Khaimah Lamor and Rixos Bab Al. It complements the acquisition of Barr.

read: Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, bringing the total investment in RAK to Dhs15bn.

Jassem Busaibe, CEO of Aldar Investment, said: By 2025, 3 million visitors annually. “

“This transaction not only confirms our commitment to the market, but also adds depth and scale to our reach, taking into account the complementary value proposition of the asset, development potential, and target customers. And yields are improved, but there is room for further benefits by leveraging scale and effectively deploying asset management capabilities as the platform continues to grow and transform. “

Benefiting from average occupancy rates above the market, the property is located in the first section of Al Khaimah Island, the growing tourist center and destination in Ras Al Khaimah.

Jahed Rahman, CIO of Aldar Investment and Chairman of Aldar Hotels & Hospitality, said: Through additional development rights at the destination. The acquisition adds significant investment in this year’s recurring profit business and continues to value and pursue opportunities to expand further capital to strengthen execution of growth strategies and increase value across the platform. “

https://gulfbusiness.com/aldar-acquires-doubletree-by-hilton-resort-and-spa-takes-total-investment-in-rak-to-dhs2bn/ Alder Acquires RAK’s DoubleTree by Hilton Resort and Spa

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