UAE developer Aldar Properties has acquired a beachfront resort and an adjacent plot in Ras Al Khaimah for AED810 million ($220.5 million).
The acquisition of DoubleTree by Hilton Resort & Spa Marjan Island and an adjacent "beachfront development" is through the Abu Dhabi-listed company's Aldar Investment business.
It brings Aldar's total investment in Ras Al Khaimah to AED2 billion, following the recent acquisitions of Al Hamra Mall and Rixos Bab Al Bahr, the company said in a statement on the Abu Dhabi Securities Exchanges (ADX), where its shares trade.
Aldar's hospitality and leisure portfolio now has more than 4,250 keys.
The DoubleTree resort is a five-star property located on the first section of Al Marjan Island and has "above-market average" occupancy levels.
"The transaction not only affirms our commitment to the market, but it also adds depth and scale to our reach given the asset's complementary value proposition, development potential and target clientele," said Jassem Busaibe, CEO at Aldar Investment.
(Reporting by Cleofe Maceda; editing by Seban Scaria)