Luxury hotel units at Al Mahra Resort by Cristal in Ras Al Khaimah can now be purchased in Bitcoin or similar digital currency, it has been announced.
The four-star luxury resort is the first hotel project in the Middle East to be available through cryptocurrency, a statement said.
Located in the heart of Al Marjan Island in Ras Al Khaimah, the resort is being developed at an investment of AED350 million and is expected to open by 2020.
Featuring 548 rooms, suites and villas, the property is offering buyers the opportunity to purchase the units under strata title.
Onsite facilities include a lobby café, meeting rooms, all-day-dining restaurant, rooftop shisha lounge, wellness club, gym, spa for men and women, kids club, water sports facilities, an infinity pool and covered parking.
Al Mahra Resort by Cristal is owned by FAM Holding, a business conglomerate with diversified investments across the UAE.
Dr Faisal Ali Mousa Al Naqbi, owner and chairman of FAM Holding, said: “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.”
Kamal Fakhoury, CEO at the Cristal Group, added: “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.
“It holds tremendous potential for investors in the hospitality sector and opening to cryptocurrency will leverage its appeal among investors.”
Available for purchase at Al Mahra Resort by Cristal, prices start from AED532,000 and the project also offers a host of benefits to buyers such as complimentary stay for 14 days in a year, VIP membership with exclusive discounts, and guaranteed 8 percent return on investment for the first three years.