Aldar Properties purchases Rixos Bab Al Bahr for $209.6 mn
18 Apr 2022
2 Min Read
CW Team
RAK Hospitality has confirmed the sale of one of its hotel properties, the 715-key, all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah, to Aldar Properties via its Aldar Investment for a total of $209.6 million.
According to media sources, as part of the deal, Aldar Investment has also gained development rights for an extra 2,50,000 sq ft of gross floor area for residential and commercial use.
Alison Grinnell, Chief Executive Officer of RAK Hospitality Holding, told the media that RAK Hospitality Holding, through its hotel portfolio subsidiary, is delivering on its development and diversification plan.
During the pandemic, Rixos Bab Al Bahr showed incredible resilience and emerged stronger with a unique ultra-all-inclusive offering.
Rixos Bab Al Bahr, which opened in 2014, has 715 rooms and offers visitors an ultra-all-inclusive experience that includes luxurious accommodations, a broad selection of upscale dining options, and a variety of recreational activities and entertainment.
Rixos Bab Al Bahr, located on Al Marjan Island, is a well-established staycation destination in Ras Al Khaimah, with high occupancy and development potential.
According to the RAK-based Integrated Hospitality firm, the sale demonstrates RAK Hospitality Holding's track record of producing high-value assets that are appealing to inbound investments from reputable investors.
Jassem Busaibe, Chief Executive Officer of Aldar Investment, said that Ras Al Khaimah continues to gain popularity as a tourism destination as international borders open and leisure travel returns.
As the Emirate implements its ambition to become the regional leader in ecologically responsible tourism, drawing more than 3 million annual tourists by 2030, we foresee more upside.
He said that they are delighted to add Rixos Bab Al Bahr to their portfolio of income-producing hotel and hospitality properties.
RAK Hospitality has confirmed the sale of one of its hotel properties, the 715-key, all-inclusive Rixos Bab Al Bahr in Ras Al Khaimah, to Aldar Properties via its Aldar Investment for a total of $209.6 million.
According to media sources, as part of the deal, Aldar Investment has also gained development rights for an extra 2,50,000 sq ft of gross floor area for residential and commercial use.
Alison Grinnell, Chief Executive Officer of RAK Hospitality Holding, told the media that RAK Hospitality Holding, through its hotel portfolio subsidiary, is delivering on its development and diversification plan.
During the pandemic, Rixos Bab Al Bahr showed incredible resilience and emerged stronger with a unique ultra-all-inclusive offering.
Rixos Bab Al Bahr, which opened in 2014, has 715 rooms and offers visitors an ultra-all-inclusive experience that includes luxurious accommodations, a broad selection of upscale dining options, and a variety of recreational activities and entertainment.
Rixos Bab Al Bahr, located on Al Marjan Island, is a well-established staycation destination in Ras Al Khaimah, with high occupancy and development potential.
According to the RAK-based Integrated Hospitality firm, the sale demonstrates RAK Hospitality Holding's track record of producing high-value assets that are appealing to inbound investments from reputable investors.
Jassem Busaibe, Chief Executive Officer of Aldar Investment, said that Ras Al Khaimah continues to gain popularity as a tourism destination as international borders open and leisure travel returns.
As the Emirate implements its ambition to become the regional leader in ecologically responsible tourism, drawing more than 3 million annual tourists by 2030, we foresee more upside.
He said that they are delighted to add Rixos Bab Al Bahr to their portfolio of income-producing hotel and hospitality properties.
Image Source
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
Next Story
New Expressway to Cut Pune-Bengaluru Travel Time by Half
The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..
Next Story
Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic
To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..
