In its latest move to expand outside the UAE capital, Abu Dhabi developer Aldar has acquired the Rixos Bab Al Bahr beach resort in Ras Al Khaimah for AED 770 million (USD209.6 million).
Investment arm of Aldar, Aldar Investment’s growing hospitality and leisure portfolio brings its total investment in Ras Al Khaimah to AED 1.5 billion, including the earlier acquisition of Al Hamra Mall and additional development rights at both properties.
As part of the Rixos Bab Al Bahr transaction, Aldar Investment has secured development rights for an additional 250,000 sq. ft of gross floor area (GFA) for residential and commercial use.
“The acquisition is underpinned by the tremendous potential of the Emirate as a tourist hub, our robust asset management capabilities as well as the strong operating fundamentals and mature nature of the asset itself. In addition to the transaction being value- and yield-accretive to our recurring-income generating portfolio, it allows us to build further scale and enhance diversification, which is a key tenet of our strategy going forward,” said Jassem Busaibe, Chief Executive Officer at Aldar Investment
Opened in 2014, Rixos Bab Al Bahr features 715 keys, offering guests with an ultra-all-inclusive experience including luxurious accommodation, diverse choice of upscale dining options, and a host of recreational activities and entertainment and it situated in Al Marjan Island.
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