Thu 31-12-2020 16:46 PM
ABU DHABI, 31st December, 2020 (WAM) -- 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 AED 180 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.
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."
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.