The project is located near key landmarks such as the King Fahd Causeway and Bahrain International Circuit. Credit: Matt Grant/Shutterstock.com.

Bahrain-based investment and asset management Investrade has acquired a 53% stake in the Areen Park Hotel and The Land of Paradise Waterpark, for an undisclosed amount.

The properties are located within the Areen Master Development Project, a mixed-use development in southern Bahrain, as per a press release posted on Zawya.

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The Areen Park Hotel and The Land of Paradise Waterpark include a luxury hotel owned by Al Areen Hospitality, alongside a collection of villas and apartments.

Spanning two million square metres, the mixed-use project aims to establish a new city, featuring 16 major clusters that encompass commercial offices, retail units, restaurants, hotels, health and education facilities, as well as various residential communities.

The move is set to bolster the hospitality and leisure offerings in the region, with the project poised to host about 25,000 residents and a plethora of amenities.

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The project’s strategic location near key landmarks such as the King Fahd Causeway and Bahrain International Circuit is expected to enhance its appeal to both tourists and residents.

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The signing ceremony, held at the Al Areen project site, was attended by Investrade executive board chairman Shaikh Mohamed Bin Abdulrahman Al Khalifa, and Al Areen Holding Company chairman Hisham Alrayes.

Shaikh Mohamed Bin Abdulrahman Al Khalifa said: “We are delighted to acquire a majority stake in Al Areen Park Hotel and The Land of Paradise Waterpark. This deal demonstrates our long-term commitment to invest in the Kingdom of Bahrain by leveraging its unique offerings.

“This project will also forge an important strategic alliance with GFH Financial Group in this landmark project, which aims to become a leading regional destination.”

Al Areen Holding Company managing director Shaikh Mohammed bin Duaij Al Khalifa said: “We are delighted to welcome Investrade as partners in the Areen Park Hotel and The Land of Paradise Waterpark, two key features of the Al Areen project, which is set to become one of the Kingdom’s leading high-end destinations for living, tourism, hospitality, and entertainment.

“We’re proud to attract such a strong and strategic investor to the project in line with our commitment and contributions to Bahrain’s Vision 2030 and its mission to further grow the Kingdom’s tourism sector. This transaction is a testament to the high-calibre project and investment opportunity once again created by GFH and our partners.

“We look forward to working together to maximise the potential of these assets and further advance the vision of Al Areen and the vast and positive social and economic benefits it will deliver for the Kingdom and the community.”

In December 2023, Kempinski Hotels partnered with Infracorp to develop a new hotel and residences in Bahrain Harbour.