Global real estate advisor CBRE has provided valuation and technical due diligence advisory services to leading Abu Dhabi developer Aldar Properties on the purchase of Rixos Bab Al Bahr for $210 million.
An upper upscale resort located on Al Marjan Island, Ras Al Khaimah, the 715-key Rixos Bab Al Bahr has been operational since 2014 offering 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, said: “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 had valued over 75 hospitality assets totaling over 20,000 keys and worth around $15 billion.
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 $5.5 billion.