UK-based Magna Group to de­velop first $95m global ho­tel project in Ras Al Khaimah

The ho­tel project will be op­er­ated by an in­ter­na­tional hos­pi­tal­ity chain to be an­nounced shortly

MEP Middle East - - NEWS UPDATE -

UK-based Magna Group an­nounced its first global ho­tel and branded res­i­dences project in Al Mar­jan Is­land, Ras Al Khaimah, hav­ing ac­quired a plot in the vi­brant man-made is­land for an undis­closed sum.

Val­ued at $95m (AED350m), the new ho­tel project in Al Mar­jan Is­land also marks Magna Group’s first ho­tel de­vel­op­ment glob­ally. Ex­plor­ing op­por­tu­ni­ties to ex­pand to the hos­pi­tal­ity busi­ness, Magna Group pur­chased land in Al Mar­jan Is­land, the flag­ship de­vel­op­ment of Mar­jan, in Ras Al Khaimah, to build a 372-room re­sort as well as 78 res­i­dences. The ho­tel project will be op­er­ated by an in­ter­na­tional hos­pi­tal­ity chain to be an­nounced shortly.

Peter Malone, Magna Ho­tel Group Chair­man, said: “We are de­lighted to part­ner with Mar­jan to es­tab­lish our first ho­tel project. It will be a heav­ily de­sign led, up­scale prod­uct of­fer­ing best of breed ser­vice lev­els which will be­come a must stay des­ti­na­tion. Val­ued at AED 350 mil­lion, the new ho­tel will open in 2021. This de­vel­op­ment will be the path­way prop­erty in fur­ther­ing our vi­sion of niche land­mark ho­tels in land­mark lo­ca­tions. I am very ex­cited to be part of this team of pro­fes­sion­als and drive the strate­gic di­rec­tion of our com­pany.”

Ab­dulla Al Ab­douli, man­ag­ing di­rec­tor and CEO of Mar­jan, said: “The ac­qui­si­tion of land in Al Mar­jan Is­land for its first global ho­tel project by Magna Group, high­lights the strong po­ten­tial for growth of­fered by Ras Al Khaimah. With the Emi­rate pro­ject­ing a sig­nif­i­cant growth in tourist ar­rivals, the new ho­tel project will add to the choice of vis­i­tors, while cre­at­ing long-term value for Magna Group. Fol­low­ing the for­ma­tion of Mar­jan, we have been fo­cused fur­ther on pro­mot­ing Ras Al Khaimah as one of the world’s lead­ing in­vest­ment-friendly des­ti­na­tions of­fer­ing su­perb op­por­tu­ni­ties in di­verse sec­tors in­clud­ing prop­erty, hos­pi­tal­ity, re­tail and leisure.”

Magna’s CEO Oliver Ma­son, added: “It has long been an am­bi­tion of ours to in­vest in and de­velop ho­tel as­sets. It is a busi­ness we are pas­sion­ate about and th­ese are places peo­ple will make mem­o­ries to last a life­time. Num­bers are im­por­tant, but de­sign, ser­vice and ex­pe­ri­ence are what will set us apart from other own­ers.”

Magna Group pur­chased land in Al Mar­jan Is­land.

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