Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, takes total investment in RAK to Dhs1.5bn
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Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, takes total investment in RAK to Dhs1.5bn

Aldar Properties acquires Rixos Bab Al Bahr for Dhs770m, takes total investment in RAK to Dhs1.5bn

Aldar has also secured development rights for an additional 250,000 sq ft of gross floor area for residential and commercial use as part of the deal

RAK Hospitality Holding has confirmed the sale of the 715-key all-inclusive Rixos Bab Al Bahr hotel in Ras Al Khaimah (RAK) for a total of Dhs770m to Abu Dhabi-headquartered Aldar Properties.

Aldar – which signed the deal through its investment division – has also secured development rights for an additional 250,000 sq ft of gross floor area (GFA) for residential and commercial use.

Situated on Al Marjan Island in Ras Al Khaimah, Rixos Bab Al Bahr is a staycation destination that has good occupancy levels and growth potential.

Alison Grinnell, RAK Hospitality Holding CEO, commented: “RAK Hospitality Holding, through its hotel portfolio subsidiary, is further delivering on its growth and diversification strategy. Rixos Bab Al Bahr has demonstrated huge resilience during the pandemic, and has emerged stronger with a unique ultra all-inclusive offering. Following Aldar’s recent acquisition of Al Hamra Mall, we are delighted to further strengthen the partnership through this investment in Ras Al Khaimah’s hospitality sector. Aldar’s investment in the emirate contributes to enhancing the hospitality experiences for our tourists and residents, adding to its destination appeal.”

Jassem Busaibe, CEO at Aldar Investment, said:Ras Al Khaimah continues to rise in popularity as a tourist destination as international borders open and leisure travel returns. We expect further upside as the emirate executes on its strategy to become the regional leader in environmentally conscious tourism, attracting more than three million annual visitors by 2030. With that in mind, we are pleased to add Rixos Bab Al Bahr to our portfolio of income-yielding hotel and hospitality assets.”

The acquisition adds further scale to Aldar Investment’s growing hospitality and leisure portfolio, bringing its total investment in Ras Al Khaimah to Dhs1.5bn, including the earlier acquisition of Al Hamra Mall and additional development rights at the properties.

Read: Aldar Properties enters Ras Al Khaimah with Dhs410m acquisition of Al Hamra Mall

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