- Magna Group to manage the 372-room resort and 78 residences
- Highlights the growing international investor confidence in Ras Al Khaimah and Marjan’s freehold developments in the Emirate
UK-based Magna Group announced today its first global hotel and branded residences project in Al Marjan Island, the flagship of Marjan – the master-developer of freehold property in Ras Al Khaimah – having acquired a plot in the vibrant man-made island for an undisclosed sum.
Valued at AED 350 million, the new hotel project in Al Marjan Island also marks Magna Group’s first hotel development globally. Founded in UK in 2014, Magna Group and its holding company Magna Asset Management Ltd, together, have a portfolio of about £250 million in assets in and around London. The Group has primarily focused on residential property, delivering affordable luxury homes, office-to-residential conversions. 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 Chief Executive Officer 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 Chief Development Officer 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.”
Chris Madelin, Magna’s Chief Executive Officer, said: “With the continued growth of Magna Group in the UK and now abroad, we are very excited about the development opportunities there are in so many up and coming places. 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 conducted a detailed study to execute its plan of entering the hospitality sector to create a strong portfolio of recurring revenue generating assets. Ras Al Khaimah offered all the competitive strengths it was looking for including its geographic location, connectivity, ease of access for European visitors, investor-friendly regulations, safety and security standards, infrastructure and the focused efforts of the Government to promote tourism and hospitality.
Magna Group’s new hotel project will include standard rooms, deluxe and couples’ suites, suites and two presidential suites. The 78 branded residences will be available for purchase or longer-term rental. With its sandy beaches and pleasant weather, Al Marjan Island will offer an ideal fit for guests, who also have wide choice of cultural, natural and adventure attractions such as hiking and mountain biking to explore in Ras Al Khaimah.