• Ritz-Carlton DIFC sold

Union Properties PJSC has sold The Ritz-Carlton, Dubai International Financial Centre, for 1.1 billion dirhams ($300m) to an unidentified buyer.

The 341-room hotel, due to open in December, is the second Ritz-Carlton property in Dubai and also includes 124 serviced apartments. Proceeds from the deal will be used to  cut Union Properties’ debt and complete remaining projects at its flagship development, a motorsports-themed tourist complex called MotorCity Dubai.

See the full release here:

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