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Ritz-Carlton in the Dubai International Financial Centre for sale $408m
Dubai's Union Properties said Monday its luxury Ritz Carlton hotel could be sold for a sum close to $408 million. The Ritz Carlton hotel, located in the Dubai International Financial Centre, will be handed over to investors in May. The 15-storey hotel will be the second Ritz Carlton hotel in Dubai. So is the Ritz-Carlton in the DIFC fairly priced at $408 million? The problem is that this is not the only luxury hotel up for sale around the world. Almost every major hotel operator would like to sell off a hotel or two to bring down its debt. So it is a buyer's market. Then again there are not going to be many opportunities to buy a large hotel of this standing within the Dubai International Financial Centre. But then that is a risk too. The DIFC does not yet have the number of occupants and staff to patronize such a big hotel. Then again assuming the DIFC is a success - and Qatar has just ceded its claim as a rival centre - the Ritz-Carlton should also be a stunning success with global bankers paying high room rates, and entertaining clients in its restaurants. So it will be interesting to see if any buyers bite. A Chinese or Russian billionaire perhaps, although business investors might just be waiting on the sidelines to see if they can get a better deal later on.
Hotel features include:
- 341 guestrooms and suites including two Ritz-Carlton Suites
- 124 serviced apartments ranging in size from 125 to 350 square meters and featuring one- to four-bedroom, furnished luxury units
- A signature Thai fine-dining restaurant; a French brasserie; an elegant steakhouse; a Lobby Lounge; Bar
- A 1,400 square meter ballroom with a separate entrance; 10 additional function rooms
- Health club, spa, indoor and outdoor swimming pools