Dubai's Union Properties has finalised 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 Centre, 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.
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