Dubai’s Union Properties said Monday it may sell its luxury Ritz Carlton hotel for nearly AED 1.5 billion ($408.4 million). The company, which is the third largest developer by market value, said in a statement that “It could be sold for a price very close to that number”. The firm has been hit hard by the financial downturn.
Khalid al-Jarwan, Union Properties General Manager, would not confirm if the Ritz Carlton will be sold, but said it is a wealthy asset and high end hotel, and “If there is any requirement for sale, it will be close to the amount mentioned. If it materializes it will take care of a lot of the company’s expenses.” The 15 storey Ritz Carlton hotel is located at the Dubai International Financial Center and will be handed over to investors in May. It will be the second Ritz Carlton hotel in Dubai.
