The expanded Ritz-Carlton hotel at the Dubai International Finance Centre will be worth AED 1.5 billion when completed, it has been claimed.
According to Union Properties, the company which owns the venture, the hotel should fetch a price "very close" to its initial valuation, despite expectations that a large number of other properties will be made available on the Dubai market in the near term.
Speaking to the Dubai Financial Market website, the firm's chairman Khalid bin Kalban said that, including the hotel, the company has AED 14 billion worth of saleable assets.
He commented that the decision by Ritz-Carlton to manage the hotel will not affect the sale of the property once it is open, with a spokesperson for the company saying doors will be open to the public by the end of the summer.
The revamped hotel will incorporate an additional 163 guest rooms, which will complement the 138 existing sea-view rooms.