Aldar Properties completed the acquisition of DoubleTree by Hilton Resort & Spa Marjan Island for $220m.

Aldar Properties, a real estate development and investment company, completed the acquisition of DoubleTree by Hilton Resort & Spa Marjan Island for $220m. "The mature nature of this five-star asset complements our existing suite of properties in Ras Al Khaimah which continues to represent a robust hospitality and tourism market with strong growth potential in line with the Emirate’s aim to attract 3m visitors annually by 2025. The transaction not only affirms our commitment to the market, but it also adds depth and scale to our reach given the asset’s complementary value proposition, development potential, and target clientele. While the acquisition is both value and yield accretive, we still see room for additional upside by leveraging our scale and deploying our asset management capabilities effectively as we continue to grow and transform our platform at an accelerated pace," Jassem Busaibe, Aldar CEO.