UAE-based Schon Properties has announced the launch of iSuites, a Dh3.2-billion ($870 million) home-grown hospitality portfolio that will see the development of 2,550 hotel apartments at a single site within Dubai Investment Park – close to the World Expo 2020 site.
The entire complex includes 21 mid-rise buildings – each having nine floors including two basement floors – which will be delivered by 2020, just before the historic Expo 2020 begins.
A recipient of the Top Private Developer award for 2016 by Forbes Middle East, Schon Properties says the branded hotel apartments will be managed by international hotel operators.
Part of the iSuites inventories will be offered to investors that guarantees a high return on investment. Sales of the iSuites are currently on, allowing investors and buyers to purchase a hotel suite or a service apartment that will be managed by international branded chain hotel operators and offering buyers a higher income of 12 to 15 per cent.
On the new project, Noorul Asif, the chief operating officer of Schon Properties, says: “We are launching iSuites, a home-grown urban hospitality concept from the UAE targeting millennials.”
“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 that the city of Dubai will proudly host,” stated Asif.
Schon Properties says iSuites envisages smart modern living of functional and futuristic facilities. 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 and benefit from a higher return on investment.