DUBAI Union Properties PJSC has sold The Ritz-Carlton, Dubai International Financial Centre, for 1.1 billion dirhams (US$300 million) to an unidentified buyer.
The 465-key Gensler-designed hotel, located within Dubai’s Gate Boulevard District, stands 14 stories tall and includes sunken gardens, a spa, restaurants, bars, retail shops and 2,000 sq. m of event space. The hotel, scheduled to open in December, is the second Ritz-Carlton property in Dubai.
The sale price represents a cost of US$644,000 per key. Proceeds generated from the transaction will be directed toward reducing Union Properties’ overall debt position and completing remaining projects at its flagship development, a motorsports-themed tourist complex called MotorCity Dubai.
Lothar Quarz has been appointed general manager of The Ritz-Carlton, Dubai International Financial Centre. He was most recently GM of The Ritz-Carlton, Wolfsburg, Germany.
