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Alpha Dhabi, a subsidiary of Abu Dhabi’s International Holding Company (IHC), has added to its growing portfolio a luxury resort formerly operated by Louis Vuitton Moët Hennessy in the island of Maldives, according to a bourse filing.
The sought-after Cheval Blanc Randheli resort, along with facility management company Etihad International Hospitality, is one of the latest assets that the UAE-based holding company has acquired from privately owned vehicle Murban.
The newly acquired businesses bring the total value of assets taken over by Alpha Dhabi from Murban to 2.5 billion dirhams ($680 million). The firm had previously announced a deal worth 1.7 billion dirhams to assume ownership of Murban’s St Regis at Saadiyat, Al Wathba Luxury Collection Desert Resorts and the Le Noir Café brand.
The latest property, Cheval Blanc Randheli, was Louis Vuitton’s second hotel venture after opening Cheval Blanc Courcheval in France.
“This is the latest in a series of mega-deals that have seen Alpha Dhabi become one of the most powerful players in the UAE market,” a bourse filing to the Abu Dhabi Securities Exchange said.
Last April, IHC announced it had acquired a 45 percent share in Alpha Dhabi. The IHC subsidiary had also acquired in March a stake in UAE real estate company Aldar Properties from Mubadala Investment Co.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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