Muscat: Luxury hotel units at Al Mahra Resort by Cristal can now be purchased in Bitcoins or similar digital currency. The beautiful four-star luxury resort is the first hotel project in the Middle East to be available for sale through cryptocurrency.
Located in the heart of Al Marjan Island in Ras Al Khaimah, the resort is being developed at an investment of Dh350 million and is expected to open by 2020.
Featuring 548 beautifully designed and furnished rooms, suites and villas equipped with the latest technology and all modern comforts, the property is offering buyers the opportunity to purchase the units under strata title. Onsite facilities at the stunning beach-front resort include a trendy lobby café, high-tech meeting rooms, an all-day-dining restaurant, a rooftop shisha lounge, a 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.
“Some of the biggest names worldwide are warming up to cryptocurrencies; therefore, it is logical for us to offer people the opportunity to pay in bitcoins 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," Dr Faisal Ali Mousa Al Naqbi, Owner & Chairman of FAM Holding, said.
"Of course, paying in bitcoins for this development is just an option. 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,” he added.
The transactions for Al Mahra Resort by Cristal will be processed through cryptocurrency payments. So, property purchases can happen in minutes from anywhere in the world with the speed of sending an email with the security and credibility of blockchain technology.
“We are delighted to expand our footprint in the UAE with a project such as 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," Kamal Fakhoury, Chief Executive Officer at Cristal Group, said.
"It therefore holds tremendous potential for investors in the hospitality sector and opening up to cryptocurrency will leverage its appeal among investors,” he added.
Available for purchase at Al Mahra Resort by Cristal are Superior Rooms, 1-Bedroom Luxury Suites, 2-Bedroom Luxury Suites and 3-Bedroom Luxury Villas and Suites, with prices starting from Dh532,000, Dh1123,900, Dh1,385,195 and Dh2,909,900 respectively. With flexible terms and a six-year payment plan, the project also offers a host of attractive benefits to buyers such as a complimentary stay for 14 days in a year, VIP membership with exclusive discounts, and much more, as well as a guaranteed eight per cent return on investment for the first three years.