Aldar agrees to sell Abu Dhabi hotel and golf course complex for $49m

The sale, which has a transaction value representing a 13 percent increase on the entry price, is in line with Aldar’s strategy to actively pursue profitable investment exits and redeploy capital into growth opportunities.

The complex, which also includes land for development of 46,543 square metres gross floor area of residential property, was acquired by Aldar as part of a wider transaction with Abu Dhabi’s Tourism Development Investment Company (TDIC) in 2018.

Jassem Saleh Busaibe, chief investment officer of Aldar Properties, said: “We are very pleased to have successfully conducted the sale of this luxury hospitality complex, a testament to our team’s ability to create value through active management, despite challenges to the hospitality and tourism industry from Covid-19. We will continue to pursue opportunities for significant growth and further diversification of the Aldar Properties portfolio.”

Westin Abu Dhabi Golf Resort and Spa

The Westin Abu Dhabi Golf Resort and Spa is a luxury five-star hotel with 172 keys and features six restaurants, 2,256 square metres of conference space, two swimming pools a high-end spa. The hotel was built in 2011 and is currently operated by Marriot International under a management agreement.

The Abu Dhabi Golf Club features an 18-hole championship course and nine-hole garden course. It was inaugurated in 2000 and is home to the European Tour Abu Dhabi HSBC Championship since 2006.

The golf club is currently under a licensed and technical service agreement with Troon International. The complex also includes around 500 square meters for residential development.

Aldar recently agreed to divest its district cooling assets on Abu Dhabi’s Saadiyat Island while in late November, it signed an agreement with ADQ, an Abu Dhabi holding company, to manage over AED30 billion of capital projects.