Union Properties 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 company's 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 UP's 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.