Ritz Carlton hotel in Dubai attracts seven bids

Khalid bin Kalban, chairman of Union Properties said “everything is for sale at the right price while speaking after a shareholders meeting last week when it was decided that payments on the companies Dh 6.5 bn debt will be postponed until next year. Union Properties has priced the Ritz Carlton in Dubai at Dh 1.5 billion. Mr. bin Kalban said two or three of the potential buyers have available cash ready for the purchase. “Some investors want the asset but need to raise liquidity. Others have the cash already” he said.