Union Properties PJSC agreed to sell the Ritz-Carlton hotel development in Dubai for less than the asking price of 1.5 billion dirhams ($410 million), Chairman Khalid bin Kalban said.
Dubai’s third-biggest developer by market value plans to sign the sale agreement in the next ten days, bin Kalban said by phone today. He declined to identify the buyer of the hotel, located within the Dubai International Financial Center, or disclose terms of the deal until the contract is signed.
“Everything has been agreed, all that remains is the drafting of contracts,” bin Kalban said.
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