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Ritz-Carlton hotel in Dubai is sold to an undefined buyer

News The Union Properties PJSC has sold its Ritz-Carlton hotel in Dubai that is scheduled for opening in December of this year. The sum of the deal for the luxury hotel located in Dubai International Financial Centre estimates 1.1 billion dirhams or US $300 million. Ritz-Carlton Dubai will have 465 rooms, so the undefined buyer has paid US $644,000 per 1 room.

This deal is forced by tough financial position of Union Properties that is currently in debt. The company has planned to get rid of Ritz-Carlton in order to finish other projects that are yet in construction. Among them is MotorCity Dubai - a motorsports inspired hotel and a tourist complex.

Ritz-Carlton hotel in Dubai is an upscale hotel situated in Gate Boulevard District. The hotel’s 465 rooms are located in a 14-store building. The hotel’s guests will be amazed by sunken gardens, multiple retail shops, several restaurants, a SPA center, bars, a gym, and a meeting/event space of 2,000 sq. m. This is going to be the second hotel in Dubai under the Ritz-Carlton brand. The general manager of this property will be Lothar Quarz, who has previously occupied the same position in the Ritz-Carlton hotel in Wolfsburg, Germany.

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