Location: Beach-front, Al Marjan Island, Ras Al Khaimah, UAE
Name: Rove by Emaar, a three star hotel
No. of Keys: 441
The Property: A brand new 441 key 3-star hotel with direct beach access, an average room size of 23 Sqm.
Acquisition of fully constructed and operational 3-star hotel, to be developed within 24 months, under xx term management contract by Emaar, the real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$9.7 billion as of June 2018, the owners of Burj Khalifa, The Dubai Mall, Dubai Creek Harbour and Address Hotels!
Rove Hotels is a mid-market lifestyle hotel brand. Rove has uniquely positioned itself to be the “hotel of the future” chain that caters to the needs of young explorers and well travelled guests who appreciate creativity.
Therefore, Rove embraced unique elements including contemporary and simple design with art pieces throughout the public areas, an high-tech environment, innovative services such as self check in station, e Concierge, and self service laundromat.
Also, creative spaces and flexi setups for meeting and social activities, smaller rooms and bigger social amenities to enable affordable lodging with maximised experience.
Rove brand is well positioned to target value driven, price sensitive international
explorers and travellers who value experience and convenience the most, and don’t
need extravagance, just consistent and reliable services and products.
The Country: Ras Al Khaimah has a diversified economy in which no single segment exceeds more than 20% of its GDP. The major industries are tourism, trading and manufacturing.
In 2018, S&P Global Ratings has affirmed its ‘A/A-1’ rating for Ras Al Khaimah, adding that the Emirate’s outlook remains stable. Fitch also affirmed Ras Al Khaimah’s rating at ‘A’ with a stable outlook.
Ras Al Khaimah’s government has embarked on an ambitious plan to expand the Emirate’s
infrastructure and improve connectivity.
The major international airport, besides Ras Al Khaimah International, opened in 1976 is Dubai International Airport, which is 90 minutes drive away.
Main Photo: The new Rove by Emaar – imagined – opening 2022
Tenure: 100% freehold property with 100% Foreign Ownership Rights
Brand/Management: Brand and Management-to be Robe by Emaar
Current Owner: Marjan is the leading master developer (Emirate-owned) for freehold land in the Emirate of Ras Al Khaimah, offering ample development and investment opportunities with 100% foreign ownership and tax benefits.
Marjan is staying true to its belief of creating vibrant communities and supporting the growth of the Emirate by developing waterfront, urban and mountain master plans.
They play a vital role in the implementation of the Ras Al Khaimah government’s long-term economic plan. Through the freehold development of hospitality, commercial, residential and
mixed-use projects across the Emirate, Marjan positions the Emirate as the preferred destination for investors.
Guide Price: US$87.2m, with a payment plan spread over two years
Yield: A minimum operating profit guarantee of 7% over 7 years provided by the developer (operating profit guarantee defined as revenue minus operating expenses (direct / indirect) minus hotel operator’s fees)
Equity IRR of 22.81% on a 5 Year Investment
Agent: Marjan in partnership with THPT
Date Posted: August 2019
THPT Comment: Ras Al Khaimar, or RAK as locally known is the new Dubai! Imagine having the opportunity of being a ground-floor investor in Dubai in the 1970s – well that’s your opportunity now with RAK. This opportunity is for a three-star hotel…plenty of options for five-star hotel investment.
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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.