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Tue 29 Nov 2016 02:26 PM

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Developer Schon unveils $870m Dubai hospitality project

Development of 2,700 hotel apartments is planned at a single site within Dubai Investment Park by 2020

Developer Schon unveils $870m Dubai hospitality project
Noorul Asif, chief operating officer of Schon Properties.

Schon Properties has announced the development of iSuites, a $870 million home-grown hospitality portfolio that will see the development of 2,700 hotel apartments at a single site within Dubai Investment Park, close to the World Expo 2020 site. 

The complex includes 21 mid-rise buildings and will be delivered by 2020, the Dubai-based developer said in a statement.

The branded hotel apartments will be managed by international hotel operators to offer greater comfort to visitors, Schon said.

iSuites includes a 125,000 square feet retail promenade called the Laguna Centrale Mall. These include urban themed cafes dedicated for entrepreneurs, kids play area’s and nanny services available for all guests. Bank, retail, spa’s, supermarkets, pharmacies, healthcare facilities, and shopping will also be available.

“We are launching iSuites – a home-grown urban hospitality concept from the UAE targeting millennials – on the eve of the UAE national day, as the country moves forward to realise the government’s Vision 2020,” said Noorul Asif, chief operating officer of Schon Properties.

“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 – the largest exposition to take place in the history of the Middle East – that the city of Dubai will proudly host.

“In order to help align with the Dubai Government’s Vision 2020, Schon Properties has stepped up its efforts to support the government’s tourism vision that will prepare the city to host 20 million hotel guests per year by 2020 and support the 25 million visitor traffic to the Expo 2020 site.” 

Schon Properties, which will retain a third of the 2,700 units in iSuites, will offer a limited number of units to the public to purchase.

The full-serviced hotel apartments are targeting millennials interested in urban lifestyle hotel stays, small families coming to Dubai on a short-term corporate assignment or a family vacation.

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JRH 3 years ago

And what happens after expo? Who lives in all these serviced apartments miles away from Dubai?

Ismail 3 years ago

Interesting concept, specially in light of the demand from expo 2020 and the new DWC airport
I wonder how many units will offered to the public, coz I suspect demand likely to be high

Kaleb 3 years ago

Great... Now all they have to do is complete Dubai Lagoons which is under development since 2004 ...

Yes 2004 ... Let their initial investors get their money back ( forget about profit !! )

chef 3 years ago

Wish them luck as they are going to need this.
This project has been 12 year in the making on and off, Many people put their money in it i was almost one of them. Has been in the hands of many developers but no one has delivered yet over the past 12 years. Must be one of the slowest projects in Dubai, Original handover/delivery date was 2006.
Millennials is a good target they would not know the history of the project.

george 3 years ago

So this is the same developer that has tried and failed to deliver their Dubai Lagoons project since 2003...just another re-brand and marketing spiel...shouldn't they just give up and go home, and let Tanmiyat take over, so their investors can have some respite.

Amir 3 years ago

In 2006 Schon Properties sold me and a lot of others apartments in Dubai Lagoon at Dubai Investment Park and so far after more than 10 years they have not been able to deliver even a single unit! Good luck with delivering 2,700 hotel apartments in just 3 years!

saiprasad 3 years ago

I am waiting for my 1 bed room apartment since 2008. Sadly the whole project is not completed till now and thousands of overseas including domestic investors are stranded with no judicial help.

Saira Alnoor 3 years ago

Sounds like this is a good opportunity to invest in hotel business in Dubai. I like it!