Al Mahra Resort by Cristal: Warming up to cryptocurrency

Al Mahra Resort by Cristal

Al Mahra Resort by Cristal’s hotel units are now available for purchase in Bitcoin and various other digital currencies, making it the very first hotel project in the Middle East to accept cryptocurrency.

The property, which is located on Al Marjan Island in Ras Al Khaimah, is being developed at a $95.3 million investment. It is expected to open for business by the year 2020.

Potential buyers can opt for superior rooms, one-bedroom luxury suites, two-bedroom luxury suites and three-bedroom luxury villas and suites, with prices starting at $144,860.

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Buyers will benefit from flexible terms and a six-year payment plan, while the project also grants a host of attractive benefits, such as complimentary stays for 14 days in a year, VIP membership with exclusive discounts, a guaranteed eight per cent return on investment for the first three years, and more.

Al Mahra Resort by Cristal is owned by FAM Holding, a business conglomerate with diversified investments across the UAE.

Owner and chairman, FAM Holding, Dr. Faisal Ali Mousa Al Naqbi declared: “Some of the biggest names worldwide are warming up to cryptocurrency, therefore it is logical for us to offer people the opportunity to pay in bitcoin or similar currency rather than just fiat currency. Cryptocurrency has radically improved the transparency, speed and security of property transactions with smart contracts, hence it is really ground-breaking to do what we are doing. Of course, paying in bitcoin for this development is just an option. At the same time, we are very pleased to be working with the Cristal Group to open this resort. We believe that Cristal’s premium service and brand will add exceptional value to our property.”

Al Mahra Resort by Cristal will house 548 rooms, suites and villas, as well as a trendy lobby café, high-tech meeting rooms, an all-day-dining restaurant, a rooftop shisha lounge, a wellness club, a gym, a spa for men and women, a kids’ club, water sports facilities, an infinity pool and covered parking.

CEO, Cristal Group, Kamal Fakhoury remarked on the project: “We are delighted to expand our footprint in the UAE with a project like Al Mahra Resort by Cristal which will be an excellent addition to the destination. Ras Al Khaimah is known for its pristine beaches, marine life and relaxing views of the Arabian Gulf and is attracting local and international travellers in big numbers which is pushing the demand for quality hotels. It therefore holds tremendous potential for investors in the hospitality sector and opening to cryptocurrency will leverage its appeal among investors.”