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In Dubai, a city known for some of the world's most luxurious hotels and penthouses, developer Union Properties PJSC is looking to tap demand from people who want to visit the sheikhdom without breaking the bank.About 42 percent of the existing supply and at least 56 percent of the rooms to be built in Dubai by 2017 are five star, which can cost 2,000 dirhams ($550) or more per night, said Matthew Green, head of United Arab Emirates research at CBRE Group Inc. Three- and four-star hotels command nightly rates of 300 dirhams to 625 dirhams, he said.The developer sold the Ritz Carlton at the Dubai International Financial Center in 2010 and three years later sold the Marriott hotel and swapped the Renaissance hotel for debt after it was unable to complete construction of the properties.Union Properties closed 1.9 percent down at 2.11 dirhams in Dubai trading Wednesday.Dubai has 80,000 hotel rooms and is aiming to boost that to 160,000 by 2020, according to Almarri of the tourism department.
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