Aldar Properties purchases Rixos Bab Al Bahr for $209.6 mn

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