Mid-tier hospitality venture: Dubai developer launches hotel apartments
November 30, 2016
Dubai: Dubai South and its immediate neighbourhoods have seen its share of new mid-market home launches ... now it’s the turn of hotel apartments. Schon Properties has launched iSuites, a Dh3.2 billion development that will feature 2,550 hotel apartments at Dubai Investment Park.
It is to feature 21 buildings of nine floors and two basements. These, the developer says, will be delivered by 2020. Part of the iSuites inventory will be offered to investors. “Dubai, which has 100,000 hotel rooms and hotel apartments, will need 40,000 new hotel rooms and hotel apartments within less than 46 months as the clock is ticking for Expo 2020,” said Noorul Asif, Chief Operating Officer at Schon.
The iSuites cluster will also have a 125,000 square feet retail promenade called the Laguna Centrale Mall. “iSuites is the commencement of Schon’s restructuring plan and change of development direction, fully focusing on hospitality ventures going forward,” said Asif. “Dubai’s hospitality market is segregated and spread throughout the city, but there are niche tourism hot spots which are expecting massive gains in the next three years.”
The turnkey construction contract has been awarded to Dubai Civil Engineering, part of Al Hamad Group.