Through its investment arm, Abu Dhabi’s Aldar Properties has acquired the “Rixos Bab Al Bahr” beach property in the emirate of Ras Al Khaimah for 770 million dirhams ($210 million).
The acquisition will bring its total investment in Ras Al Khaimah to 1.5 billion dirhams, including the earlier acquisition of Al Hamra Mall and additional development rights at both properties.
The acquisition of the 715-room hotel that opened its doors in 2014 was made by Aldar Investment — the company’s second investment in the emirate this year, it said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Situated on Al Marjan Island, Rixos Bab Al Bahr is an established staycation destination in Ras Al Khaimah, benefitting from solid occupancy levels and growth potential.The RAK based Integrated Hospitality company said that the sale reflects RAK Hospitality Holding’s track record of creating high-value assets that are attractive to inbound investments from reputed investors.
“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.
As part of the latest transaction, Aldar’s investment arm has secured development rights for an additional 250,000 square feet of gross floor area for residential and commercial use.
In February, Aldar’s chief financial officer said it planned to spend at least 5 billion dirhams this year acquiring assets in the retail and education sectors that generate recurring revenues.
