May 2 – The Ritz Carlton hotel in Dubai, which is scheduled to open at Dubai International Financial Center this month, has attracted at least seven bids. The hotel’s developer, Union Properties, is trying to unload hospitality assets in order to raise cash, as it recovers from losses caused by declining property values and lower sales, which last year reached Dh498 million (US $135.5m).
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.
