Mubasher: Magna Group on Tuesday announced the acquisition of a land plot at the UAE-based Al Marjan Island at a value of AED 350 million ($95.3 million) as part of its overseas expansions.
The British real estate developer will allocated the land plot to launch its first international branded residences projects and hotel in the luxurious man-made island, according to the company’s statement.
The firm further indicated that it will hire a global hospitality company to operate the hotel project.
The new hotel will include couples’ suites, deluxe, standard rooms, suites, and two presidential suites.
The British developer will also establish 78 residential projects, in addition to a resort that will comprise 372 rooms.
The 78 branded residential projects will be available for renting on longer-term or for buying, it added.
“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,” Magna Group’s chairman Peter Malone said.
The hotel is forecast to boost tourist arrivals to the island in view of providing various services for them in hospitality, leisure, property, and retail, Marjan’s CEO and managing director Abdulla Al Abdouli stated.
“Now is an excellent time to put these new Magna Hotel projects firmly on the global map and to deliver to the market some very exciting new opportunities and projects. We look forward to our first one in Al Marjan Island, Ras Al Khaimah UAE,” Magna Group’s CEO Chris Madelin noted.
Founded in UK in 2014, Magna Group is having GBP 250 million assets in London and around with operations which are focused in office-to-residential conversions, affordable luxury homes.
