Union Properties has finalised the sale of its Ritz Carlton hotel in the Gulf
emirate for AED1.1bn ($299.6m) and will use the money to reduce debt and complete
located at the Dubai International Financial Centre, will now be owned by a
private company based in Abu Dhabi, Union Properties said in a statement. The
property firm did not reveal the name of the hotel's new owners.
proceeds generated from the transaction will be directed toward reducing the
company's overall debt position and completing few remaining assets at our
flagship development, the MotorCity," said Khalid AlJarwan the general
manager for Union Properties.
company's chairman said on Sunday it expects to make an operating profit of AED300m in 2010 and add AED600m in revenues from sale of
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.