- Sale of ultra-all-inclusive resort for AED 770 million, with additional development rights
- The operation reflects the attractiveness of destination Ras Al Khaimah to institutional and strategic investors
- Secures capital to be invested in new hospitality and leisure assets
RAS AL KHAIMAH, UAE: RAK Hospitality Holding is today confirming the sale of one of its hotel assets, the 715-key all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah for a total of AED 770 million to Aldar Properties PJSC (“Aldar”), through its Aldar Investment business. As part of the transaction, Aldar Investment has also secured development rights for an additional 250,000 sq. ft of gross floor area (GFA) for residential and commercial use.
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. 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.
Alison Grinnell, RAK Hospitality Holding Chief Executive Officer, 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 the Emirate’s destination appeal”.
We remain focused on a local approach to investing across a diversified range of asset strategies, supported by a global perspective.
Commenting on the transaction, Jassem Busaibe, Chief Executive Officer 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 3 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”.
About RAK Hospitality Holding (“RAKHH”)
RAK Hospitality Holding is an integrated hospitality and leisure company, owning, operating and asset managing a diverse portfolio of of hotels, hospitality and leisure assets. Its activities include hotel development and ownership; logistics and the provision of both hospitality accommodation and transportation; asset management and advisory; and development and operation of leisure and entertainment assets.
About RAK National Hotels (“RAKNH”)
Formed in December 2014, RAK National Hotels LLC (RAKNH) owns hotels and resorts positioned in the upscale, upper-upscale and luxury market segments, strategically located in prime urban, desert and beach areas in the Emirate of Ras Al Khaimah.
RAKNH is the ultimate provider of leading hotels in highly visible locations around Ras Al Khaimah, offering customers a unique experience and allowing them to immerse themselves in the culture and heritage of the Emirate. The current portfolio features four hotels & resorts with a total of 1,530 hotel rooms, suites, beach villas and private pool villas that make up approximately 25% of the Emirate’s total hotel inventory currently in operation, including Ritz Carlton Al Wadi Desert, Hilton Beach Resort RAK, Hilton Garden Inn and Rixos Bab Al Bahr.
