Dubai: Abu Dhabi's Aldar Properties made its second major divestment in recent days, agreeing to sell the Abu Dhabi Golf Club Complex, which includes a Westin Hotel and Abu Dhabi Golf Course, to an investor for Dh180 million. (The buyer has not been named.)
The sale 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 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.
Last week, Aldar sold the district cooling unit at Saadiyat Island to Tabreed for Dh963 million.
* 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.
Deal making in a time of COVID-19
Jassem Saleh Busaibe, Chief Investment Officer of Aldar Properties, said in a statement: “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 has 172 rooms and features six restaurants, 2,256 square meters of conference space, two swimming pools a high-end spa. It was built in 2011 and is operated by Marriot International.