• Union Properties to sell the Dubai Ritz Carlton

Union Properties chairman said he is in discussions with several potential buyers to sell the Ritz Carlton in the Dubai International Financial Centre, according to wire reports.

The chairman, Khalid Bin Kalban, said he is "very close to concluding a deal" that may include cash and the assumption of debt tied to the project. Union Properties, which owns five hotels in Dubai, including the Courtyard Marriot, Marriot Executive Apartments and the Renaissance Hotel, halted projects after credit dried up in the financial crisis.


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