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Union Properties receives offers for Ritz Carlton hotel

The developer is hoping to sell the hotel for about AED1.5 billion, its chairman Khalid bin Kalban told Reuters.

March 10, 2010 4:51 by

Dubai-based real estate developer Union Properties (UP) has got several offers from potential buyers for its Ritz Carlton hotel in Dubai, its chairman Khalid bin Kalban told Reuters on Wednesday. “There are different groups of people we are talking to … Westerners, Qataris, Saudis and local companies with regards to selling the Ritz Carlton,” he said. “We are waiting to get the right price … one or two have given a negotiable price.”

UP is hoping to sell the hotel, which is located in the Dubai International Financial Centre (DIFC) for about AED1.5 billion ($408.4 million), Kalban said, adding that it is planning a soft launch for the hotel in May.

According to Reuters, the developer has AED6.5 billion of outstanding debt, out of which 2.8 billion is due for payment in 2011.

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