Leading international law firm Baker McKenzie LLP advised on the sale of Nurai Island, an ultra-luxury boutique private island resort off the coast of Abu Dhabi, to Aldar Properties PJSC (“Aldar”), the leading real estate developer and manager in the UAE. The transaction included the sale of shares of Nurai Island Hotel and two new islands located northeast of Nurai Island which are envisioned for high-end luxury residential development.
Baker McKenzie acted as transaction counsel to the Seller, whilst CMS acted as counsel to the buyer.
The sale of Nurai Island Hotel adds an existing and ready to perform luxury asset and the first beachfront hotel in Abu Dhabi to Aldar’s hospitality portfolio.
The Baker McKenzie cross-practice team was led by senior real estate and hospitality lawyer Keri Watkins, M&A partner Omar Momany and senior M&A lawyer Marcos Spanos and was supported by associates Neil Williams and Jana Al-Afoo.
“We are delighted to have advised on the high profile sale of Nurai Island Hotel, which has allowed both parties to the transaction to achieve their commercial objectives – owner returns on the sell-side and growth and capital deployment on the buy-side”, Keri Watkins, Senior Lawyer and Head of the Real Estate and Hospitality Practice Group in Dubai, commented. “We will continue to see more deal activity in the hotels and hospitality sector, particularly in the luxury and ultra-luxury market, given the strong tourism and leisure demand and growth in overall supply and occupancy rates in the UAE.”
Located approximately two kilometers north of Saadiyat Island in Abu Dhabi, Nurai Island Hotel is an exclusive luxury beachfront hotel and features several other amenities including a private beach, four food and beverage outlets, two bars, a swimming pool, a spa, a book cellar, a kids club, an outdoor tennis court, a beach club and a water sport center.