RAK Properties picks Stirling as lead advisor for Staybridge Suites deal
RAS AL KHAIMAH , December 19, 2023
Stirling Hospitality Advisors, a leading boutique advisory firm in the region, has been signed up by RAK Properties for sealing a key hotel management agreement with IHG Hotels & Resorts. The deal is for the 156-key Staybridge Suites Mina Al Arab in Ras Al Khaimah.
The 14-storey tower will offer a selection of studio, one- and two-bedroom apartments blending contemporary design with spacious layouts.
Staybridge Suites Mina Al Arab on Hayat Island is the second project for RAK Properties in cooperation with IHG Hotels & Resorts, following the opening of the award-winning Intercontinental Ras Al Khaimah Resort and Spa in 2022.
Guests will also get to enjoy access to a range of amenities including a fully equipped fitness centre, breakfast and restaurant areas, as well as direct beach access, offering an idyllic lifestyle experience with the conveniences of daily life, it stated.
The HMA agreement was executed in the presence of Sameh Muhtadi, CEO, and James Marsh, Chief Development Officer of RAK Properties; Haitham Mattar, Managing Director, and Shaun Dubash, Senior Director, Development – MEA of IHG Hotels & Resorts India, Middle East, and Africa; as well as Tatiana Veller, Managing Director and Armaan Singh Nirh, Senior Asset Manager of Stirling Hospitality Advisors.
Stirling Hospitality Advisors successfully conducted operator search and selection for the project, on behalf of RAK Properties.
As lead advisors, the expert Stirling team presented various operator options based on suitability of the brand, investor’s aspirations, and key commercial terms.
On the key partnership, Veller said: "We are thrilled to be working with RAK Properties once again, this time for the HMA of the impressive 156-key Staybridge Suites Mina Al Arab. Our expert team worked closely with key stakeholders to select the most suited operator for the upscale long-stay product."
"As the only property presently in operation or in the pipeline that caters to this particular longer-staying segment of clientele, Staybridge Suites Mina Al Arab is well positioned to offer guests in Mina Al Arab a unique accommodation choice," he stated.
Muhtadi said: "With a growing trend from guests to combine business and personal travel, the long-stay product will enhance Mina Al Arab’s position as a people-centric lifestyle destination in line with RAK Vision 2030."
With headquarters in RAK, Stirling currently asset manages over 3,500 hotel rooms in three countries and is responsible for a hotel and resort portfolio valued at over $1 billion.-TradeArabia News Service
