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US, Dubai Investors May Buy Ritz-Carlton In Dubai

alt Union Properties, one of the country’s leading developers, is in talks with two developers from the US and Qatar who have expressed interest in buying its Ritz-Carlton hotel at the Dubai Financial Centre (DIFC).  A senior executive at a well known hospitality consultancy firm said the first interested buyer is a non-resident Indian settled in the US and a presence in the hospitality business. The second interested party is from Qatar.

Chairman of Union Properties, Khalid bin Kalban, confirmed “Our discussions are on with several parties”, although he did not disclose names.  A source said discussions with Union Properties are at an early stage and both parties have expressed a willingness to buy the Ritz-Carlton hotel in Dubai.  Union Properties said in a statement to the Dubai Financial Market that the Ritz-Carlton DIFC, set to become operational by the second quarter of 2010, may sell at a price close to Dh 1.5 billion.



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