Union Properties PJSC will use proceeds from the sale to pay down debt and complete remaining projects at the company's MotorCity development.
Union Properties PJSC (UP), one of the leading property investment developers in the UAE and the recipient of the Superbrands award for 2009, has announced that the terms of the Sale and Purchase Agreement (SPA) relating to the sale of one of its hotels, the Ritz Carlton, DIFC, have been agreed upon and the contract has been signed by both parties. We are pleased to have finalized the sale of the Ritz Carlton Hotel said Khalid AlJarwan, General Manager, UP. The hotel was sold for AED 1.1 billion. The proceeds generated from the transaction will be directed toward reducing the companys overall debt position and completing few remaining assets at our flagship development, the MotorCity.
The Ritz Carlton Hotel, designed by the world-renowned architects Gensler, is located in a commanding position adjacent to the Gate Precinct within the Gate Boulevard district at the Dubai International Financial Centre (DIFC) and is connected to UPs Limestone House development. The Hotel stands 14 storeys tall and epitomizes luxury and elegance featuring sunken gardens, spa, restaurants, bars, retail shops with 341 guest rooms and suites and 124 executive serviced apartments ranging from one to four bedroom. The hotel encompasses a total of 2,000 sq.m. of meeting and conference space, in addition to a 1,400 sq.m. Grand ballroom, meeting rooms and business centre.
We would like to take this opportunity to wish the new owners of the hotel continued success added Khalid AlJarwan.
Union Properties PJSC
Union Properties PJSC (UP), one of the United Arab Emirates leading property investment developers, started as Union Property Private Limited in 1987 and floated as a public limited company in 1993. Celebrating more than 20 Years of growth, innovation, motivation and attention to detail, UP has an outstanding reputation for professionalism and integrity throughout the UAE, serving public institutions, multinational corporations, the business community and the private sector.
UPs comprehensive range of services include properties investment and development, project management, interior design and fit-out, property management, facilities management and MEP contracting tailored to specific needs through its business associates and subsidiary companies. UPs subsidiary companies include Dubai Autodrome, The FITOUT, Edara, ServeU, Thermo, GMAMCO and EMICOOL and associates consist of Regus, Marriot Executive Apartments and Courtyard by Marriott.
With over 24 projects, the company has created a portfolio of iconic landmarks in commercial, residential and leisure developments, from high-rise towers to multi-use complexes, hotels and theme parks; such as The Tower, Green Community, UPTOWN Mirdiff, Net.community, INDEX, Limestone House and MotorCity. The success of UP is reflected in the companys steady growth accomplished by the commitment and loyal support of over 17,000 employees in all fields. This success is built upon six basic principles forming the company's ethical code; quality, service, innovation, care, trust and diversity.