Aldar Properties has agreed to sell the Abu-Dhabi Golf Club complex, including the Westin Hotel and Abu Dhabi Golf Course, to a financial investor for 180 million dirhams ($ 49 million).
The sale, whose transaction value represents a 13% increase in the entry price, is in line with Aldar’s strategy to actively pursue lucrative investment exits and repurposes of capital in growth opportunities.
Aldar acquired the Abu-Dhabi golf course complex, which also includes land to develop 46,543 square meters of gross floor area for residential property, as part of a broader deal with the Abu Dhabi Tourism Investment and Development Company (TDIC) in 2018.
Jassem Saleh Busaibe, a chief investment officer of Aldar Properties, said that they are very pleased to have successfully conducted the sale of this luxury hospitality of Abu-Dhabi golf course complex, a testament to their team’s ability to create value through active management, despite challenges to the hospitality and tourism industry from Covid-19. They will continue to pursue opportunities for significant growth and further diversification of the Aldar Properties portfolio.
The Westin Abu Dhabi Golf Resort & Spa is a luxurious five-star hotel with 172 rooms, six restaurants, 2,256 square meters of conference space, two swimming pools, and a high-end spa. The hotel was built in 2011 and is currently operated by Marriott International under a management agreement.
The Abu Dhabi Golf Club features an 18-hole championship course and a nine-hole garden course. It opened in 2000 and has been home to the European Tour Abu Dhabi HSBC Championship since 2006.
The golf club is currently under a licensed technical service agreement with Troon International. The complex also includes about 500 square meters of residential development.
Aldar recently agreed to sell district cooling assets on Saadiyat Island in Abu Dhabi, while in late November it signed an agreement with ADQ, a holding company in Abu Dhabi, to manage more than 30 billion dirhams in capital projects.