Manchester City FC owner buys St Regis Saadiyat
Purchase from TDIC includes 377-room hotel and some of the apartments & villas
Abu Dhabi United Group Investment & Development, the private equity company formed to take over Manchester City Football Club in 2008 and owned by Sheikh Mansour, has purchased the St Regis Saadiyat Island Resort, Abu Dhabi.
The acquisition of the property, previously owned by government-owned developer Tourism Development & Investment Company (TDIC), includes the 377-room hotel, 190 of the 259 apartments, and 10 of its 39 villas.
The property manager CBRE said that the building would be operated by Abu Dhabi United’s tourism and hospitality arm, Abu Dhabi United Hospitality.
Paul Fanning, the head of property management at CBRE, told The National: “Not all of the apartments and villas have been included in the sale.
“Many of the St Regis Residences villas and apartments have already been sold off to purchasers previously, so only the unsold properties are included in the sale.”
Mr Fanning confirmed that the hotel would continue to operate under the St Regis brand.
The sale is the latest by TDIC, the master developer of Saadiyat Island, which is owned by the Abu Dhabi Tourism & Cultural Authority (TCA) and has a history of selling off completed projects either to investors or to the state.
Last year TDIC sold the first phase of its nearby Saadiyat Beach Residences, comprising 285 apartments, to Mubadala Pramerica, a joint venture between the United States-based property investor Pramerica and Mubadala Development, the Abu Dhabi strategic investment company.