Baker & McKenzie LLP
10/08/2024 | Press release | Distributed by Public on 10/08/2024 00:16
Baker McKenzie Assists Aldar on its Partnership with IHG as Part of its Hospitality Portfolio Transformation in the UAE
Leading global law firm Baker McKenzie has acted as legal counsel to Aldar Hospitality, the hospitality arm of Aldar, the leading real estate developer, manager and investor in the UAE, on its partnership with IHG Hotels & Resorts ("IHG") in respect of the Yas Plaza Hotels in Yas Island, Abu Dhabi, as part of Aldar's AED 1.5 billion hospitality portfolio transformation in the UAE.
Under the partnership, Aldar is revising its entire masterplan to turn the six-hotel Yas Plaza complex into a fully integrated resort that will operate under IHG's 'Vignette Collection' brand and be renamed Straylight Yas. For the first time, the resort will have access to a private beach and Aldar will add beachfront suites to provide even more choices for guests. Once completed, the Yas Plaza Hotels will be the largest Vignette Collection resort in the world.
Commenting on this landmark deal, Keri Watkins, Aldar Relationship Partner and Co-Head of Baker McKenzie's Real Estate and Hospitality Practice Group in the Middle East, said: "We are thrilled to assist Aldar on its strategic partnership with IHG on the Yas Plaza Hotels as part of its major hospitality transformation and investment programme."
The Baker McKenzie team was led by Real Estate and Hospitality Partner Keri Watkins, with support from Senior Associate Amir Ali and Associates Tessa Crawford and Jana Al-Afoo.
Among other developments in Aldar's hospitality portfolio transformation programme are the Eastern Mangroves Hotel, which will be upgraded and operated under the Waldorf Astoria brand; the desert resort in the Al Dhafra region, formerly known as Tilal Liwa, which will also be reimagined and operated under IHG's Vignette Collection brand; Rixos Bab Al Bahr in Ras Al Khaimah and DoubleTree by Hilton Resort & Spa Marjan Island, and Nurai Island, Abu Dhabi's ultra-luxury hospitality destination, the sale of which Baker McKenzie previously advised on.
Under the partnership, Aldar is revising its entire masterplan to turn the six-hotel Yas Plaza complex into a fully integrated resort that will operate under IHG's 'Vignette Collection' brand and be renamed Straylight Yas. For the first time, the resort will have access to a private beach and Aldar will add beachfront suites to provide even more choices for guests. Once completed, the Yas Plaza Hotels will be the largest Vignette Collection resort in the world.
Commenting on this landmark deal, Keri Watkins, Aldar Relationship Partner and Co-Head of Baker McKenzie's Real Estate and Hospitality Practice Group in the Middle East, said: "We are thrilled to assist Aldar on its strategic partnership with IHG on the Yas Plaza Hotels as part of its major hospitality transformation and investment programme."
The Baker McKenzie team was led by Real Estate and Hospitality Partner Keri Watkins, with support from Senior Associate Amir Ali and Associates Tessa Crawford and Jana Al-Afoo.
Among other developments in Aldar's hospitality portfolio transformation programme are the Eastern Mangroves Hotel, which will be upgraded and operated under the Waldorf Astoria brand; the desert resort in the Al Dhafra region, formerly known as Tilal Liwa, which will also be reimagined and operated under IHG's Vignette Collection brand; Rixos Bab Al Bahr in Ras Al Khaimah and DoubleTree by Hilton Resort & Spa Marjan Island, and Nurai Island, Abu Dhabi's ultra-luxury hospitality destination, the sale of which Baker McKenzie previously advised on.