CBRE advises Aldar Properties on $221mn RAK hospitality deal

Valuation and technical due diligence advisory services on Aldar Properties’ purchase of the DoubleTree by Hilton Resort & Spa, Al Marjan Island was provided by global real estate advisor CBRE. The hotel acquisition deal is said to be worth US $221mn.

According to CBRE, the Ras Al Khaimah property has been operational since 2014, has 723 keys and is a family resort destination, with a range of global culinary experiences, activities and entertainment.

In April 2022, RAK Hospitality sold the Rixos Bab Al Bahr Ras Al Khaimah to Aldar Properties for $209.6mn.

“We are pleased to have been able to support Aldar with this initiative. After having seen sustained investment within Ras al Khaimah’s hospitality market over the past decade, it is great to see a transaction like this. As the market continues to develop, we will continue to see pockets of value emerge outside the traditional hubs of Abu Dhabi and Dubai,” said Ali Manzoor, Head of Hotels & Tourism at CBRE Middle East.

Over the last year, CBRE’s Middle East Hotels & Tourism team has valued over 75 hospitality assets totaling over 20,000 keys and $15bn in value, the statement revealed. The firm is also said to have advised on key landmark projects in the region, including the largest hotel transactions in the Middle East at a total value of $5.5bn.

In April, the Aldar Group reported net profits of $187.3mn in Q1 2022 while, in July, Aldar Properties said it would acquire four towers in a deal worth $1.7bn.

The post CBRE advises Aldar Properties on $221mn RAK hospitality deal appeared first on Middle East Construction News.

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