Magna Group has signed a deal with master developer Marjan, that will see the development of its first hotel development globally on Al Marjan Island in Ras Al Khaimah. Magna is said to have already acquired a plot on the man-made island.

A 372-room resort as well as 78 residences will be developed on the plot. Magna said the hotel project will be operated by an international hospitality chain, which will be announced shortly.

“We are delighted to partner with Marjan to establish our first hotel project. It will be a heavily design-led, upscale product offering best of breed service levels which will become a must stay destination. Valued at $95.2m, the new hotel will open in 2021. This development will be the pathway property in furthering our vision of niche landmark hotels in landmark locations. I am very excited to be part of this team of professionals and drive the strategic direction of our company,” said Magna group chairman Peter Malone.

The hotel project will include standard rooms, deluxe and couples’ suites, suites and two presidential suites. The 78 branded residences will be available for purchase or long-term rental.

Marjan MD and CEO Abdulla Al Abdouli added, “The acquisition of land in Al Marjan Island by Magna Group for its first global hotel project highlights the strong potential for growth offered by Ras Al Khaimah. With the emirate projecting a significant growth in tourist arrivals, the new hotel project will add to the choice of visitors, while creating long-term value for Magna Group. Following the formation of Marjan, we have been focused further on promoting Ras Al Khaimah as one of the world’s leading investment-friendly destinations offering superb opportunities in diverse sectors including property, hospitality, retail and leisure.”