Business is suite for Schön in Dubai

Schön Properties is looking to capitalise on an innovate business model when it launches operations at its first properties in Dubai.
Business is suite for Schön in Dubai
By Administrator
Wed 05 Nov 2008 04:00 AM

Schön Properties is looking to capitalise on an innovate business model when it launches operations at its first properties in Dubai.

Vice chairman Asher Schön said the company launched its hospitality brand Schön Suites in March this year.

"We have the vision to cater to the ever growing and high demand that we see for the hotel industry here in the UAE," he said.

"Obviously it goes hand in hand with our philosophy at Schön Properties where we have the vision to develop only in ‘new' Dubai. This means that we only look to develop in master developments like Dubai Waterfront, Downtown Jebel Ali, Dubai Investment Park and the Maktoum International Airport.

"The basic concept of Schön Suites is as a four-star business hotel. We plan to diversify our portfolio of Schön Suites upward of AED 2 billion over the next 12 months."

Schön Suites is intended to run as a vacation ownership business model, he added.

"At the moment we are only working off this concept because we feel that it is in our best interests," Schön said.

"It is very different to selling your standard commercial and residential property. With this we are selling a business model, where you get the 21 days to come in and spend time with your family, but at the same time you are owning a property for which you are getting extremely high rental yield. Out here we are projecting [yield] upward of 20% so it is very different, it is like buying into a business."

The company is also looking to move into international markets and even offer services to other developers-cum-operators in a consultancy role, Schön continued.

"We are looking at international markets, although I would not be able to say where," he added.

"Over the next 12 months we'll look at diversifying internationally. We have already started recruiting for our operation brand and in about six months' time we'll have the expertise, capabilities and know-how to offer our expertise to other developers."

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