Abu Dhabi, UAE: Aldar Properties PJSC (“Aldar”) is pleased to announce that as part of its active asset management strategy for its AED 20 billion real estate portfolio, it has appointed the world’s leading hotel company, Marriott International, to manage one of its most strategically located hotels on Yas Island.
Effective July 1, 2018, Marriott International will assume operation of the Yas Island hotel, which will go through a refurbishment period before opening under W Hotels– marking the debut of the brand in Abu Dhabi. Areas across the hotel will be refreshed and redesigned as per W Hotels’ brand standards, with an upgrade to its lobby and pool facilities, whilst remaining open to guests.
The stand alone hotel which overlooks the Formula 1 Abu Dhabi Grand Prix race track is a key component of Aldar’s Yas Island destination strategy. The island is set to welcome Warner Bros. World Abu Dhabi next month, building on the existing world-class entertainment and leisure attractions and driving more UAE residents and tourists to the destination, where Aldar has a portfolio of seven hotels.
Abu Dhabi’s media and entertainment free zone is also relocating to state-of-the-art facilities on Yas Island and has appointed Aldar as its strategic real estate partner. The first phase of the new free zone is valued at approximately AED 1 billion and is set to grow as twofour54 continues to grow, with a target of attracting 10,000 working professionals from the media sector to Yas Island. This will form part of the AED 12 billion Yas Bay master development, which also comprises a waterfront and entertainment district and an urban island community.
Commenting on the announcement, Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said:
“Appointing Marriott International to manage the operations of our Yas Island hotel supports our strategy to employ the most reputable international operators and reflects our active approach to the management of our portfolio. Marriott International’s experience will ensure guests have a memorable stay at our world-class hotel while driving value for our Asset Management business. Our enviable portfolio of 11 hotels, including the recently acquired Westin Abu Dhabi Golf Resort & Spa and Eastern Mangroves Hotel & Spa by Anantara, positions us well to drive the activation of Yas Island and Saadiyat Island, and cater for the increasing number of tourists visiting Abu Dhabi.”
Alex Kyriakidis, President and Managing Director, Middle East and Africa, Marriott International commented:
“We are delighted to work with Aldar to introduce W Hotels on Yas Island, bringing a new dimension to the luxury and lifestyle hospitality offering on the iconic landmark. Marriott International and Aldar share a similar vision for this project and we look forward to infusing the energy and innovative mind-set of the brand into a vibrant destination such as Yas Island. This hotel marks our 13th property in Abu Dhabi and adds to our diverse brand portfolio in the Capital, complimenting the destination and the diverse traveller it attracts today.”
For further information, please contact:
Investors:
Chris Wilson
Aldar Properties
+971 2 810 5624
Media:
Nick Farmer / Obaid Al Yammahi
Aldar Properties
+971 2 810 5555
Amy Piek
Hanover
+971 55 459 3260
About Aldar
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE’s Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island’s F1 circuit.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
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