>Dubai's Union Properties To Sell Ritz Carlton

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>DUBAI: Dubai’s Union Properties expects to sell its Ritz Carlton hotel in the Gulf emirate by the end of July, and will use the cash to finish projects and reduce its debt, its chairman said on Monday.

The company, which has put the hotel on the market for 1.6 billion dirhams ($435.7 million), has received two offers from investors in Saudi Arabia and the UAE, chairman Khalid bin Kalban told Reuters in an interview. “Now we have two offers very close to our target price,” he said. “We expect to announce the sale by the end of the month.”

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