Abu Dhabi-based real estate developer, Aldar Properties, through its Aldar Investment business, has acquired the all-inclusive Rixos Bab Al Bahr Beach property in Ras Al Khaimah for $209.59 million.
The acquisition adds to Aldar Investment’s growing hospitality and leisure portfolio, with a total investment of $408 million in Ras Al Khaimah, including the previously acquired Al Hamra Mall and additional development rights to both properties.
As part of the Rixos Bab Al Bahr transaction, Aldar Investment has secured development rights for an additional 250,000 square feet of gross floor area (GFA) for residential and commercial use.
Jassem Busaibe CEO – Aldar Investment
“Ras Al Khaimah continues to rise in popularity as a tourist destination as international borders open and leisure travel returns, and we expect further upside as the Emirate executes on its strategy to become the regional leader in environmentally conscious tourism by 2025. 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 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 a 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,” Mr. Busaibe further added.
Launched in 2014, Rixos Bab Al Bahr features 715 keys that offer guests an all-inclusive experience, including luxurious accommodation, a variety of dining options, and a variety of recreational activities and entertainment.
Located on Ras Al Khaimah’s Al Marjan Island, the property benefits from a strong occupancy level to promote Emirate tourism and elevate Ras Al Khaimah as an international tourist destination, with significant growth potential while developing progressive initiatives.
