Leading diversified professional services and investment management company Colliers, led the sale of Marjan Island Resort & Spa on behalf of Manazil Group to RAK National Hotels LLC (RAKNH), a subsidiary of RAK Hospitality Holding LLC (RAKHH). The sale of the 300-key, 5-star property marks a significant milestone in both RAKNH’s investment strategy and the ongoing development of the emirate as a premier leisure destination.
James Wrenn, Executive Director, Capital Markets, Colliers in MENA, said: “Colliers is delighted to have led the sale of the well-known Marjan Island Resort & Spa in Ras Al Khaimah on behalf of the vendor, Manazil Group. The investment represents further commitment by the buyer RAK National Hotels (RAKNH) to realise the exciting ambitions of Ras Al Khaimah tourism over the coming years. We wish RAKNH and the operator Accor the very best as the property enters a new era, and of course extend our continued best wishes to Manazil Group with their existing portfolio of quality hotel assets.”
Alison Grinnell, CEO of RAK Hospitality Holding commented: “The acquisition of Marjan Island Resort & Spa underscores our continued investment in Ras Al Khaimah and recognises the huge opportunities in the emirate as it positions itself as an international leisure destination. The property is ideally located to capitalise on these opportunities, and working with our partner Accor, we believe we can transform the property into a unique destination for tourists.”
Abdul Mohsen Al Hammadi, Chairman and CEO of Manazil Group said: “After being one of the first properties to open on Al Marjan Island back in 2014, Marjan Island Resort & Spa became a stepping stone for our Group to enter into the hotel business and open four more hotels managed by Accor within the UAE, namely Movenpick, Novotel and Adagio in Jumeriah Village Triangle, and Pullman Sharjah.”
Paul Stevens, COO Premium, Midscale & Economy Division for Middle East & Africa at Accor said: “We are very pleased to continue our strategic partnership with RAK Hospitality Holding, a collaboration which embodies our commitment to delivering unparalleled guest experiences and fostering innovation within the hospitality industry. Together, we look forward to creating memorable moments for our valued guests visiting Ras Al Khaimah.”
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors, and our people.