Dubai: Global real estate advisor CBRE has provided valuation and technical due diligence advisory services to Aldar Properties PJSC on the purchase of DoubleTree by Hilton Resort & Spa, Al Marjan Island for USD 221 million (AED 810 million).
The upscale resort located on Al Marjan Island, Ras Al Khaimah, has been operational since 2014, contains 723 keys and offers a family resort destination, with a range of global culinary experiences, activities and entertainment.
Ali Manzoor, Head of Hotels & Tourism at CBRE Middle East, comments: “We are pleased to have been able to support Aldar with this initiative. After having seen sustained investment within Ras al Khaimah’s hospitality market over the past decade, it is great to see a transaction like this. As the market continues to develop, we will continue to see pockets of value emerge outside the traditional hubs of Abu Dhabi and Dubai.”
Over the last year, CBRE’s Middle East Hotels & Tourism team has valued over 75 hospitality assets totaling over 20,000 keys and USD15 billion in value. It has also advised on key landmark projects in the region, including the largest hotel transactions in the Middle East at a total value of USD5.5 billion.