Dubai's Union Properties finalises sale of hotel

Firm to use $299.6m from sale of Ritz Carlton to reduce debt and complete remaining projects
Dubai's Union Properties finalises sale of hotel
Ritz Carlton, Dubai will now be owned by a private company based in Abu Dhabi
By Reuters
Mon 08 Nov 2010 05:15 PM

Dubai's
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
remaining projects.

The hotel,
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.

"The
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.

The
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
homes. ($1=AED3.672)

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