The UAE-based Aldar Properties has entered into an agreement to sell the Abu Dhabi Golf Club Complex which includes the Westin Hotel and the Abu Dhabi Golf Course, to a financial investor for $49 million.
The sale which is the second major divestment in recent days is as part of Aldar’s asset management strategy to actively pursue profitable investment exits and to consider capital expansion opportunities.
The Golf Club Complex, which includes land for development of 46,543 square meters 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.
“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 luxurious five-star hotel with 172 rooms and 6 restaurants, a conference space and swimming pools. The hotel built in 2011 is operated by Marriot International under a management agreement.
The Abu Dhabi Golf Club features an 18-hole championship course and a 9-hole garden course and it 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.
Last week, Aldar sold the district cooling unit at Saadiyat Island to Tabreed for $262.2 million. In late November, Aldar has entered into a deal with Abu Dhabi holding company (ADQ), to manage over $8.1 billion of capital projects.