Union Properties nears Ritz-Carlton sale - The National Newspaper

Union Properties, Dubai’s third-largest property developer by market value, hopes to finalise the sale of the Ritz-Carlton in the emirate this month as it seeks to raise cash to pay debts and finish projects.

Khalid bin Kalban, the chairman of Union Properties, said the company was “in serious talks” with two investors, one from the UAE and one from Saudi Arabia, and expected to get close to the asking price of Dh1.5 billion (US$408 million).

“We are going back and forth with the price and the conditions of the deal, such as the transfer of ownership,” he said. “But I think we’ll get it for close to the asking price … It’s one of the biggest deals to happen this year.”