Aldar Properties sells Abu Dhabi Golf Complex for Dhs180m

Aldar Properties has agreed to sell the Abu Dhabi Golf Club Complex, including the Westin Hotel and the Abu Dhabi Golf Course, to an undisclosed investor for Dhs180m.

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.

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

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

The Abu Dhabi Golf Club also features an 18-hole championship course and a 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.

“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,” said Jassem Saleh Busaibe, chief investment officer of Aldar Properties.

“We will continue to pursue opportunities for significant growth and further diversification of the Aldar Properties portfolio.”

Last month, Aldar signed an agreement to divest two of its district cooling assets on Saadiyat Island to the National Central Cooling Company (Tabreed) for Dhs963m.

Read: Abu Dhabi’s Aldar to sell two district cooling assets for Dhs963m

It came a few weeks after Aldar had confirmed that would take over the management of several government capital projects worth Dhs30bn ($8.2bn), as part of an agreement with holding company ADQ.

Read: Aldar, ADQ sign agreement on Dhs30bn of Abu Dhabi projects