Schon Properties and Al Hamad Group have announced a joint venture to develop iSuites, a massive AED3.2 billion ($870 million) hospitality project in Dubai.
The plans will see the development of 2,550 hotel apartments at a single site within Dubai Investment Park, close to the Expo 2020 venue.
Al Hamad Group is investing equity to finance the construction of the project and acquire a substantial stake in the project while Schon Properties will retain a substantial number of units for recurring income, while some inventory is offered to select investors for sale, a statement said.
Al Hamad Group will be responsible for construction via their contracting arm, Dubai Civil Engineering while iSuites is being jointly developed by both companies and will be managed by Schon Properties, it added.
The entire complex includes 21 buildings – comprising 2,550 hotel suites, 52 restaurants and outdoor cafes, 125,000 square feet shopping mall, all surrounded by a manmade beach and a lagoon spread over 5 acres – will be delivered before the Expo 2020 begins in the fourth quarter of 2020.
Nashat Sahawneh, chairman of Al Hamad Contracting, said: “We are delighted to partner with Schon to create a unique hospitality landmark catering to the Al Maktoum Airport and Expo 2020 sites, the highest expected tourist growth area in Dubai. We are proud to be part of this massive development and see a great potential in this partnership."
Danial H Schon, founder and president of Schon Properties, added: “Schon is very excited about this venture we have embarked upon, iSuites. With the location gaining more traction day by day, we believe this plot is the perfect location for hospitality going forward.
“We are also happy to announce that the piling and shoring works of the project has already been completed while the main construction will commence in January.”For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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