- DUBAI: Dubai’s Union Properties has finalized the sale of its Ritz Carlton hotel in the Gulf emirate for 1.1 billion dirhams ($299.6 million) and use the money to reduce debt and complete remaining projects.
The hotel, located at the Dubai International Financial Center, 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 300 million dirhams in 2010 and add 600 million dirhams in revenues from sale of homes.