US, Dubai Investors May Buy Ritz-Carlton In Dubai
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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