Schon launches $875m hotel project near Expo site
The project will be delivered by 2020, just before the Expo 2020 begins in the fourth quarter of 2020
Schon Properties has announced the development of iSuites – a massive $875m home-grown hospitality portfolio that will see the development of 2,550 hotel apartments within Dubai Investment Park.
The entire complex includes 21 mid-rise buildings, nine storeys each, including two basement floors. The project will be delivered by 2020, just before the Expo 2020 begins in the fourth quarter of 2020.
Noorul Asif, Chief Operating Officer of Schon Properties: “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.”
“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”
iSuites will help contribute to the economic growth of the UAE and help realise the country’s vision 2020 and 2030.
Schon Properties, which will retain a substantial portion of the 2,550 units in iSuites, will offer a limited number of units to the public to purchase and benefit from a higher return on investment.
Sales of the iSuites are currently taking place as investors and buyers could now purchase a hotel suite or a service apartment managed by international branded chain hotel operators.
Asif said: “iSuites is the commencement of Schon’s restructuring plan and change of development direction, fully focusing on hospitality ventures going forward.”
The Department of Tourism and Commerce Marketing (DTCM), the emirate’s tourism industry regulator, said, Investment in Dubai’s hotel industry is expected to pick up in the next four years with an additional 40,000 serviced hotel rooms and hotel apartments to be added to the existing inventory of 100,000.