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Fri 11 Mar 2016 12:55 AM

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Damac releases first hotel rooms for sale in Aykon City project

Developer says top 10 floors of Tower B will house 280 hotel rooms to be priced at about $272,000

Damac releases first hotel rooms for sale in Aykon City project

Damac Properties has announced the launch of a limited release of hotel rooms within its Aykon City project, overlooking the Dubai Canal.

The product allows investors to own a hotel room in Tower B, a 63-storey serviced hotel residences property to be operated by Damac Maison, the developer said in a statement. 

The top 10 floors of the tower will house the 280 hotel rooms, while the remaining floors will comprise hotel apartments and serviced units.

The rooms, which will be available for investors to purchase on March 12, are priced at approximately AED1 million ($272,000), Damac said. 

Niall McLoughlin, senior vice president, Damac Properties, said: “With the number of visitors to the emirate expected to reach 20 million by the year 2020, hotel rooms will increasingly be in high demand, then and beyond, and this unique product allows investors to tap into and be part of the booming hospitality market.” 

He added: “Owning a luxury freehold hotel room in a central location that benefits from the vast infrastructure that surrounds it, including accessibility by car, metro or water taxi, is undoubtedly a lucrative and prudent investment decision.”

Aykon City is comprised of Dubai’s first all-suites, 80-storey Aykon Hotel and Residences, a 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower, a 65-storey office tower and two 30-floor ultra-luxury residential towers. 

The four-million square feet development is located on the eastern and western sides of Sheikh Zayed Road at the Safa Park intersection.

As of December 31, Damac Properties has delivered over 15,500 homes and has a development portfolio of over 40,000 units at various stages of progress and planning.

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