Aldar sells Abu Dhabi Golf Complex for Dh180 million

DG Staff

ABU DHABI 2January 2021: Aldar Properties has agreed to sell the Abu Dhabi Golf Club Complex, including the Westin Hotel and the Abu Dhabi Golf Course, to a financial investor for Dh180 million.

The sale, which has a transaction value representing a 13 per cent increase on the entry price, is in line with Aldar’s asset management 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, said Wam.

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 6 restaurants, 2,256 square metres of conference space, 2 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 9-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 metres for residential development.

This is the latest in a series of transactions by Aldar. The company agreed earlier in December to divest its district cooling assets on Abu Dhabi’s Saadiyat Island.

In late November, Aldar signed an agreement with ADQ, an Abu Dhabi holding company, to manage over AED 30 billion of capital projects. The agreement significantly increases Aldar’s fee-based third-party development management business, which is also working on government contracts to manage an upgrade of infrastructure on Saadiyat Island.

YOU MIGHT ALSO LIKE:

Abu Dhabi toll gates go active from TODAY

Sheikh Zayed Festival sets two Guinness world records

App for Indian expats to connect with Delhi

Abu Dhabi’s Al Wathba Wetland Reserve has reopened

1,856 new covid cases, 1,577 recoveries, 2 deaths

China approves its vaccine, first registered in UAE

Inactive covid vaccine available at all health centres

World rings in 2021: Dubai dazzles, Burj sparkles

Adnoc to acquire 15 service stations in Saudi Arabia

DXB expects 500,000+ in the first week of 2021

Dubai Gazette