Schon Properties has launched a AED 3.2bn ($870mn) development that will see 2,550 hotel apartments built at a single site within Dubai Investment Park close to the World Expo 2020 site.
The iSuites complex will comprise of 21 mid-rise buildings each having nine floors including two basement floors which will be delivered by ahead of Expo 2020.
Noorul Asif, the chief operating officer of Schon Properties, said: “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.
Schon Properties will retain a third of the units in iSuites, which will be managed by international hotel operators, and will offer a limited number of units to the public to purchase and benefit from a higher return on investment.
The development features over 52 restaurants and cafes boasting outdoor areas overlooking the Crystal Lagoon as part of a master-planned development. It also includes a 125,000-sq-ft retail promenade called the Laguna Centrale Mall.
iSuites marks the beginning of Schons restructuring plan and change of development direction, fully focusing on hospitality ventures going forward, Asif said.
“We will offer everything from ski slopes, to the desert, to culture, to arts, to beaches, to year-round sunshine, all with 100 per cent security, hence, we believe tourism is the best investment in Dubai,” he added.