Home UAE Abu Dhabi IHC’s Alpha Dhabi consolidates hotel business with NCTH deal The transaction adds St Regis Saadiyat, Al Wathba Luxury Collection and ultra-luxury Cheval Blanc in the Maldives to NCTH’s portfolio of hotel assets by Kudakwashe Muzoriwa March 15, 2024 Image courtesy: EXTREME-PHOTOGRAPHER/ Getty Images UAE-based conglomerate Alpha Dhabi Holding has transferred three of its hotel businesses to Abu Dhabi’s National Corporation for Tourism and Hotels. NCTH acquired 100 per cent stakes in ADH Hospitality, Murban Holding and Hill View Resorts – Seychelles. The transaction, which is subject to regulatory approvals, adds St Regis Saadiyat, Al Wathba Luxury Collection, both luxury resorts in Abu Dhabi as well as the ultra-luxury Cheval Blanc in the Maldives NCTH’s growing portfolio of hotel assets. It also includes the soon-to-open Cheval Blanc Seychelles. “Our growing portfolio of luxury hotels in the UAE, Maldives, and Seychelles reflects the energy and vibrancy of these world-leading tourist destinations,” said Hamad Al Ameri, CEO of Alpha Dhabi Holding. “By uniting our hotel brands under the NCTH umbrella, we have substantial direct and indirect investment both here in the UAE and internationally that will serve as an engine of growth and diversification within our existing investment portfolio.” Alpha Dhabi said the transaction increases the total managed and owned hotels in the NCTH portfolio to eight with almost 1,500 total keys. The deal will bolster the two companies’ position as value-creating businesses within the UAE’s luxury hospitality. It will also pave the way for their expansion into the ultra-luxury segment internationally. Alpha Dhabi, a unit of Abu Dhabi’s International Holding Company, acquired a 36.4 per cent stake in the NCTH for Dh730 million ($199 million) last May. The acquisition made Alpha Dhabi the single largest shareholder in the hospitality owner, manager and operator. Alpha Dhabi’s growth strategy Meanwhile, Alpha Dhabi said its growing and diverse portfolio has been a significant driver of its revenue growth, with all segments contributing to the increase in profit. With a market capitalisation of $43.5bn (Dhs159.6bn), the group reported a 25 per cent increase in net profit year-on-year (YoY) to a record Dhs13.3bn, supported by strategic acquisitions and investments, and growth across the holding firm’s business segments. The company’s revenues grew substantially in 2023 to reach Dhs45.4bn, a 14 per cent increase YoY from a year ago. Through its strategic partnerships with ADNOC Drilling and Mubadala Investment Company (Mubadala), Alpha Dhabi plans to deploy as much as Dhs2.1bn into oil field services and Dhs1.7bn into global credit opportunities. The holding firm transferred its 25 per cent stake in US drilling technology firm Gordon Technologies to an investment joint venture with ADNOC Drilling earlier this year. The venture plans to invest up to $1.5bn to acquire technology-enabled companies in energy and oilfield services. Read: IHC’s Alpha Dhabi posts Dhs13.3bn in full-year net profit Tags Abu Dhabi ADH Hospitality Alpha Dhabi Holding Hospitality National Corporation for Tourism and Hotel You might also like Taxi-sharing pilot service launches between Dubai, Abu Dhabi Path to Forward: ADGM reveals its new brand Covestro likely to recommend ADNOC takeover offer, trims profit target Abu Dhabi firm to launch tokenised US Treasuries fund