Magna plans to build 372-room hotel in Ras Al Khaimah

United Arab Emirates, November 28, 2018

UK-based Magna Group said it has reached an agreement with Marjan, the master-developer of freehold property in Ras Al Khaimah, UAE, to set up its first global hotel project in Al Marjan Island at an investment of Dh350 million ($95.2 million).

The company has already acquired a plot in the vibrant man-made island for an undisclosed sum, said a statement from Magna.

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, said the statement.

The hotel project will be operated by an international hospitality chain to be announced shortly, it stated.

Group Chairman Peter Malone 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 Dh350 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,' he added.

Marjan Managing Director and CEO Abdulla Al Abdouli said: 'The acquisition of land in Al Marjan Island by Magna Group for its first global hotel project 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,' stated Al Abdouli.

Magna’s Chief Development Officer Oliver Mason said: 'It has long been our ambition 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.'

The 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.

CEO Chris Madelin 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,' he added.

tradearabia