Abu Dhabi’s Tourism Development and Investment Company (TDIC) has sold a 91,000 sq m land plot on Saadiyat island to Bin Otaiba Investment Group, a UAE-based developer, for the development of a luxury resort, said a report.

The five-star hotel, which is scheduled to open on the Saadiyat Beach District in 2015, will comprise 366 rooms and luxury beach villas, restaurants, a spa centre and conference facilities that can accommodate up to 800 guests, said the Gulf News report.

“Saadiyat island is a promising destination and a great opportunity for our business module. Luxury, innovation and excellence will be guaranteed to our customers in the new hotel,” chairman Khalaf Bin Ahmad Al Otaiba was quoted as saying.