Schon Properties has sold out i3, the first phase of its Dh3.2-billion ($871 million) iSuites hospitality project at Dubai Investment Park.

i3 is a complex of three mid-rise buildings, offering 292 high-end fully furnished hotel apartments with a total built-up area of over 220,000 sq ft, that have been snapped up by international investors further expanding Dubai’s appeal beyond the legacy source markets of the Middle East and Indian subcontinent, the developer said.

Located next to Dubai Expo 2020, and a short drive to the Al Maktoum Airport as well as Dubai Parks & Resorts attractions, iSuites is also served by a station on the planned Dubai metro extension. This has attracted many international hotel operators looking to establish a presence for their brands.

The complex includes 21 mid-rise buildings – each having 8 floors excluding basement floors – around a man-made swimmable lagoon, the first-of-its-kind in Dubai and a retail promenade offering shopping, entertainment and dining options.

Investing in a hotel apartment managed by top operators is an added benefit for investors seeking superior returns, says Noorul Asif, the chief operating officer. “Although individual investment in hotel apartments by retail investors is a novel phenomenon, we are pleased that we have sold out i3 - the first phase of iSuites, within a short period of time,” he said.