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Aldar's Coconut Island to boast first Ritz-Carlton managed property in Abu Dhabi
- United Arab Emirates: Saturday, February 02 - 2008 at 15:35
- PRESS RELEASE
Aldar Properties PJSC, the renowned Abu Dhabi property developer announced that it has signed a management agreement with The Ritz-Carlton Hotel Company, to launch the first Ritz-Carlton property in Abu Dhabi.
Aldar signed a joint venture agreement with National Corporation for Tourism and Hotels (NCTH) to develop Coconut Island in 2007. The resort is due to open in 2011, and includes a high-end residential community, stunning lagoon, a marina, a world class spa, and now, a spectacular new Ritz-Carlton hotel.
"The Coconut Island project will introduce a sophisticated, elegant oasis to the heart of Abu-Dhabi, offering an exclusive hideaway for discerning international and regional patrons," commented Ronald S. Barrott, CEO, Aldar Properties. "By signing this management agreement to bring the first Ritz-Carlton hotel to Abu-Dhabi Aldar and NCTH are clearly demonstrating their commitment to bring a new class of development to the Emirate."
The island will be linked to the mainland by a private dual carriageway, ensuring limited traffic on the island, and the ultimate privacy for residents of the gated community and visitors to the hotel and marina alike. With sea views from every angle, the island will be a destination in itself, with The Ritz-Carlton, Abu Dhabi as a jewel in its crown.
"The Ritz-Carlton, Abu Dhabi on Coconut Island plays a key role in our group's regional expansion in the Middle East," says Simon Cooper, President and Chief Operating Officer of The Ritz-Carlton Hotel Company. "We are delighted that, with this agreement with Aldar Properties, we are able to introduce The Ritz-Carlton service values to this capital city and provide a new, exciting luxury hotel experience for our loyal guests."
Designed by Malaysia-based Denniston International Architects and Planners, the 160-room resort is comprised of 130 guestrooms, and 30 suites and deluxe villas. "Aldar Hotels and Hospitality seeks to partner with the best of the best in international design and luxury hospitality providers, such as the Ritz-Carlton, and the world-class designers and architects that will work on the project," commented Paul Bell, Managing Director, Aldar Hotels & Hospitality.
Most of the rooms will be artfully designed over multiple landscape levels, ensuring unobstructed sea and lagoon views. All villas and suites will include water features with swimming pools and spacious sundecks. Resort rooms will be a minimum of 55 square metres in size, while the luxury villas range from 130 to 230 square metres.
About Aldar Hotels and Hospitality
Aldar Hotels and Hospitality is poised to play a major role in the development of the hotel and hospitality sector in Abu Dhabi. It identifies hospitality related opportunities on Aldar developments and determines best fit brand, partners and business models.
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Notes and media contacts
About Aldar PropertiesAldar Properties PJSC is a premier real estate development, management and investment company with headquarters in Abu Dhabi, UAE. Aldar was created to spearhead developments of Abu Dhabi's strategic sites was created to fast track real estate investment opportunities within Abu Dhabi and the Emirates in order to offer an opportunity to participate in the prosperity of this increasingly important industry in the UAE.
Since its inception in 2004 through a share offer (IPO) of AED 1.5 Billion (USD 408 Million) on the Abu Dhabi Securities Market, Aldar has already announced more than USD 60 billion worth of developments. The Aldar issue, the largest IPO in the history of the UAE, was 448 times oversubscribed and raised an unprecedented AED 373 Billion (USD 102 Billion) in demand. Aldar's market capitalization is USD 3.5 billion as of May 30th 2007. Total retail area across all developments is currently over 1.5 million square meters. The company is owned by leading Abu Dhabi institutions, founder shareholders and individual investors.
The current property portfolio includes major developments and re-developments within Abu Dhabi Emirate such as Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, Al Mamoura - the Mubadala Development Company and Environment Agency Abu Dhabi Headquarter Building, and the YAS Island project which is to include a Warner Bros and a Ferrari theme park.
Aldar's first international expansion was announced in August 2007 via a tie-up with South Johor Investment Corp (SJIC) in a deal that represents the largest foreign real estate development in Malaysia. This was followed in October 2007 with plans announced to build a mixed-use development in Kazakhstan.
For more information, please contact:
Rosanne Blake
Buchanan Middle East
Mob: +971 50 2262 771
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