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Union Properties expects hotel sale by end of July

06 July 2010

Union Properties expects to sell its Ritz Carlton hotel in the Gulf emirate by the end of July, Reuters has reported. The company, which has put the hotel on the market for Dhs1.6bn ($435.7m), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban said. "Now we have two offers very close to our target price," he told the news service. "We expect to announce the sale by the end of the month."

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