Aldar bolsters its portfolio in Ras Al Khaimah with acquisition of Doubletree by Hilton Resort & Spa

Aldar bolsters its portfolio in Ras Al Khaimah with acquisition of Doubletree by Hilton Resort & Spa

- Transaction ramps up Aldar’s expansion and growth strategy in Ras Al Khaimah following the acquisition of Al Hamra Mall and Rixos Bab Al Bahr earlier this year

- Adds further scale to Aldar Investment’s diversified portfolio of recurring income-generating hospitality and leisure assets in an established and growing luxury tourism and staycation hub

Abu Dhabi, UAE: Aldar Properties PJSC (“Aldar”), through its Aldar Investment business, has added scale to its diverse and growing hospitality and leisure portfolio with the acquisition of the beachfront resort, DoubleTree by Hilton Resort & Spa Marjan Island, and an adjacent beachfront development plot for a total consideration of AED 810 million.

The acquisition adds considerable weight to the company’s 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 AED 2 billion, complementing the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr.

Commenting on the transaction, 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