Dubai-based real estate agent sells iconic UAE hotel for 810 million dirhams – News

Real estate consultant Andrew Love completes sale of Ras Al Khaimah’s iconic DoubleTree by Hilton Resort and Spa Marjan Island



Pictures are provided

Published: Fri 5 August 2022, 15:00

Last update: Fri, August 5, 2022, 10:17 PM

It’s official. The iconic DoubleTree by Hilton Resort and Spa Marjan Island in Ras Al Khaimah has been sold for the incredible price of 810,000,000 Dh.

Global real estate consultant Knight Frank Middle East announced on its official LinkedIn page on Thursday that Andrew Love, Partner and Head of Capital Markets and Trade Agency, is responsible for trading what is likely to be one of the most major hotel transactions ever recorded in the history of real estate in the UAE.

Acting exclusively as a selling broker on behalf of a private family office, Love sold the DoubleTree by Hilton Resort and Spa Marjan to RAK for the colossal sum of 810 million dirhams. Love brokered the deal with legal support from Al Tamimi and Company and Clyde and Co.

Located on Marjan Island, near the Al Hamra district of RAK, the hotel offers 650 meters of private white sand beach, villas with furnished balconies and stunning views of the Arabian Sea.

Meet Andrew Love

Addressed exclusively to Khaleej times Following the deal, Love said: “I am thrilled to complete this one. Over a year of hard work and if not the biggest hotel transaction in the UAE, this is the most important of my career.”

Pictures are provided

Pictures are provided

Love commented on the challenges he faced while negotiating the deal: “Major deals are always complicated, especially when they involve hotels. Unlike buying other asset classes, hotels are sold as operating entities, so you need to consider and account for other items that are part of the sale, such as staff and accommodations, fixtures and fittings, and fundraising. reserve for future renovations.”

Love said he thought it was vital before marketing such a deal that all the information was ready and uploaded to a virtual data room.

“We have anticipated what a buyer might ask for to avoid any future delays in the transaction; in transactions like this, time can be a killer; if the transaction drags on, it is more likely to fall out of bed,” he said. .

What makes a real estate broker successful?

Love has negotiated over MAD 10 billion worth of commercial property in the UAE since 2012 and is a Royal Institution of Chartered Surveyors (RICS) Chartered Surveyor with over 15 years of experience in the UK, Europe, in the Middle East and Africa.

Love explained why Ras Al Khaimah is an exciting place for business investment: “Ras Al Khaimah’s government has done a fantastic job of differentiating itself from other Emirates; for example, it has focused on adventure tourism.

Love explained: “They have an incredible long coastline, affordable hotels, a scenic mountain range, plenty of amenities and a growing airport. Add affordability to the mix as well as good air connections. This makes RAK a desirable proposition, especially considering the price of resort stays in Dubai.”

Is it the right time to invest in commercial real estate?

Love said the UAE hospitality sector has truly recovered, with many Knight Frank Middle East customers achieving record business results.

“In terms of deal flow, we’re seeing strong appetite for this asset class, and it’s an opportune time for any seller considering an exit,” he said.

A career in real estate came naturally to Love. Born and raised in historic Edinburgh, Scotland, Love’s parents worked in hospitality, interior design and property development.

“Real estate has always been an important part of my life. I attended the University of Aberdeen and completed a Masters of Arts in Planning and Development, Economics and Real Estate, which led me to start a career in ‘chartered surveyor,’ he added.

He worked during the property boom of 2006-2007 and moved to Dubai during the recession of 2008-2010.

What is the secret of its constant success?

Love has traded for more than 10 billion dirhams of commercial property in the United Arab Emirates since 2012, where the majority of this period has been filled with economic ups and downs.

“The ingredients for success and closing deals in our industry are not rocket science; there are four guiding principles that I would suggest to all agents entering the market, or those who may be struggling at this time” , Love said.

“First of all, work hard, educate yourself and know your market inside out – don’t spread too thin and try a specialist – it can be a city district or an asset class – off plan, apartments, villas , warehouses, grounds, etc..,” he said.

Love said networking plays a crucial role in her continued success. “I haven’t had a single ad online or in my name in over six years, but I’m constantly on the lookout, talking on the phone or meeting people in the industry. All my offers come from referrals or repeat customers. The more people you talk to, the more referrals, actions, leads, or ideas you generate,” he advised.

Third, believe in what you are selling. “If you don’t believe in what you’re selling, then don’t sell it! In other words, don’t put your short-term financial gains ahead of your client’s best interests,” he said.

“Time in the market is tied to that. If you develop trust and a good reputation, it will pay dividends over three, five, ten or, in my case, 12 years,” he added.

“Finally, if you’re passionate, find something you’re passionate about, which maybe isn’t real estate. I still work crazy hours, but that’s because I love it,” Love said.

Business real estate education

Love is also a lecturer and course content contributor for the Institute of Innovation Experts – Real Estate (IEREI).

Regarding how he finds time for both commitments, Love said: “Commercial real estate is very different from residential and after taking many residential focused RERA courses I saw the desperate need of a commercial offer.

He explained: “Fortunately, the officials of the Dubai Real Estate Institute (now called IEREI), which is the education/training arm of the Dubai Land Department, have been very supportive. We are now offering a course for those who want to know more about commercial real estate.”

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The program covers everything from property measurement to investment analysis. “This is an alternative option for those who have worked in the industry and don’t want to take the traditional brokerage course, required every two years to renew their license,” Love said.

He added: “Unfortunately, last year was very hectic, so I have to admit that I didn’t teach as much as I would have hoped.”

Love is also the father of a seven-month-old baby boy. “I have a new family member so it has kept me busy, but I love sports, especially padel, golf and squash. My wife and I loved to travel, but with a seven-month-old , the idea of ​​traveling over hours changed our perspective,” he laughed.

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About Tammy N. McFarlane

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