Dubai’s Union Properties completes $300m hotel sale

10 Nov 2010

(MENAFN) General Manager of Dubai’s Union Properties, Khalid Al Jarwan, announced that the firm has signed an agreement finalizing the sale its Ritz Carlton hotel, valued at $299.6 million, Reuters reported.

The property firm did not reveal the name of the hotel’s new owners, however, the prestigious hotel, which is located at the Dubai International Financial Center (DIFC), will now be owned by a private company based in Abu Dhabi, Union Properties stated.

According to Al Jarwan, the proceeds generated from the transaction will be directed toward decreasing the company’s overall debt position and completing a few remaining assets at Union Properties’ flagship development, the MotorCity.

Chairman of Union Properties said that the company is forecasted to make an operating profit of $81.7 million in the current year and add $163.4 million in revenues from the sale of homes.

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