Union Properties, Dubai's third-largest developer by market value, has said it may sell its luxury Ritz Carlton hotel for a sum close to Dhs1.5bn ($408.4m), Reuters has reported. 'If there is any requirement for sale it will be close to the amount mentioned. If it materialises it will take care of a lot of the company's expenses,' Khalid al-Jarwan, the company's general manager told Reuters.