Global real estate advisor CBRE has provided valuation and technical due diligence advisory services to Aldar Properties PJSC on the purchase of Rixos Bab Al Bahr for USD 210 million (AED 770 million).
The upper upscale resort located on Al Marjan Island, Ras Al Khaimah, has been operational since 2014, contains 715 keys, and offers all-inclusive packages to guests. The transaction also included an additional 250,000 sq. ft of gross floor area (GFA) to develop for residential or commercial use upon the site.
Christopher Robson, Associate Director - Hotels & Tourism at CBRE Middle East, comments: “This investment into the UAE hospitality market highlights the resilience of the sector in the region and evidence that there is transaction movement in the market, at the right price.”
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.