Aldar Sells The Westin Abu Dhabi Golf Resort & Spa for US$49m
Main Photo: The Westin Abu Dhabi
Date: January 2021
Location: Sas Al Nakhl area of Abu Dhabi, UAE
Name: Westin Abu Dhabi Golf Resort & Spa
No. of Keys: 172
Seller: Aldar Properties, who bought the complex as part of a wider transaction with Abu Dhabi’s Tourism Development Investment Company (TDIC) in 2018. Aldar also own/built the Crowne Plaza, Yas Centro, Yas Hotel and other hotel developments in Yas and other parts of Abu Dhabi.
Buyer: Aldar Properties has agreed to sell the the Westin Abu Dhabi Golf Resort & Spa and Abu Dhabi Golf Course for US$49 (AED180m).
The complex, in the Sas Al Nakhl area of the capital, is being sold to a financial investor. The deal represents a 13 percent increase on the entry price for Aldar.
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 operated by Marriott and has 172 keys, six restaurants, 2,256 sqm of conference space, two swimming pools and a spa.
Abu Dhabi Golf Club has an 18-hole championship course and nine-hole garden course. It is home to the European Tour Abu Dhabi HSBC Championship and is managed by Troon International.
Aldar recently agreed to divest its district cooling assets on Abu Dhabi’s Saadiyat Island while in late November, it signed an agreement with ADQ, an Abu Dhabi holding company, to manage over AED30 billion of capital projects.
Price: US$49m
Price per Key: $284,884..to include the golf course
THPT Comment: A good price for the buyer….Aldar have a serious number of the hotels in Yas.
First Seen: Aldar press release
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