FAM Holding, a business conglomerate with real estate investments across the United Arab Emirates, is now offering its latest jewel for Bitcoin. The Al Mahra Resort by Cristal is a 4-star luxury resort located at the center of Al Marjan Island in Ras al-Khaimah, roughly an hour outside of Dubai. Units will be available for purchase in cryptocurrency, making this the first hotel crypto listing in the Middle East.
“Some of the biggest names worldwide are warming up to cryptocurrency,” said owner and chairman of FAM Holding Dr. Faisal Ali Mousa Al Naqbi, “therefore it is logical for us to offer people the opportunity to pay in Bitcoin or similar currency rather than just fiat currency.”
FAM Holding’s partner in the venture, Cristal, is a world-class hospitality consultancy, technical services, asset and brand management company that is working on a number of projects to expand its portfolio to 25 properties within five to 10 years. It currently operates premium hotels in the region’s fastest emerging markets: Bayat Hotel by Cristal, Bayat Suites by Cristal, Cristal Hotel Abu Dhabi, Cristal Erbil Hotel and Masaya Hotel & Residences by Emerald.
Al Mahra Resort by Cristal will feature 548 custom designed suites and villas loaded with the latest tech and showcasing lavish details and architectural flourishes to attract top clientele and investors from around the world who are interested in purchasing the swank units with cryptocurrency.
“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,” said Faisal Ali Mousa 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.”
The $95-million beach-front resort will be a full body and soul retreat, equipped with a multi-functional gym to host yoga, Zumba and aerobics classes, along with spa facilities that offer Moroccan hammam, massage, sauna and body care. Guests will have a range of places to relax and chill out, from the rooftop shisha/hookah lounge to the infinity pool.
Suites and villas will range in price from $144,842 (AED 532,000) to $792,249 (AED 2,909,900) for one-bedroom, two-bedroom and three-bedroom units. Investors may also buy the units with “similar digital currency” in addition to Bitcoin.