The Cristal Group, a leading UAE-based hospitality management company, said luxury hotel units at its premium development Al Mahra Resort by Cristal can now be purchased in Bitcoin or similar digital currency. 

 

Located in the heart of Al Marjan Island in Ras Al Khaimah, the resort is being developed at an investment of Dh350 million ($95.2 million) and is expected to open by 2020. Al Mahra Resort by Cristal is owned by FAM Holding, a business conglomerate with diversified investments across the UAE.

 

The 4-star luxury resort is the first hotel project in the Middle East to be available through crypto currency, said a statement from The Cristal Group.

 

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 beach-front resort include a trendy lobby café, high-tech 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.

 

Dr Faisal Ali Mousa Al Naqbi, the 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," stated Dr Al Naqbi. 

 

"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," he noted.

 

"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," he added.

 

Cristal Group CEO Kamal Fakhoury said: "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," he added. 

 

Available for purchase at Al Mahra Resort by Cristal are superior rooms besides the one-, two- and three-bedroom luxury villas and suites, with prices starting from Dh532,000, Dh1.12 million, Dh1.38 million and Dh2.9 million respectively. 

 

With flexible terms and 6-year payment plan, the project also offers a host of attractive benefits to buyers such as complimentary stay for 14 days in a year, VIP membership with exclusive discounts, and much more as well as guaranteed 8 per cent return on investment for first three years.