Schon Properties and Al Hamad Group have teamed up to develop iSuites a AED 3.2bn ($870mn) project that will see the development of 2,550 hotel apartments at a single site within Dubai Investment Park close to the World Expo 2020 venue.
Al Hamad Group is investing equity to finance the construction of the project and acquire a stake in the development while Schon Properties will retain a substantial number of units for recurring income, while some inventory is offered to select investors for sale.
Al Hamad Group will be responsible for construction via their contracting arm, Dubai Civil Engineering. iSuites is being jointly developed by both companies and will be managed by Schon Properties.
The entire complex includes 21 buildings surrounded by a manmade beach and a lagoon spread over 5 acres all to be delivered before 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.
Our 45 years expertise with building some of the tallest towers in world and iconic projects will prove integral to delivering a landmark project in this crucial location. Schons track record of developing such high profile projects will add to our experience, and we are excited for the prospects of this development.
The development of iSuites is a historic move by Schon Properties as it will help support the Dubai Governments vision to create 140,000 hotel rooms for tourists and visitors to the emirate.
Al Hamad Contracting brings more than four decades of experience in constructing large projects. The company has grown to become a group of large diversified businesses with more than 20 companies active in construction, real estate and industrial sectors.
Danial H. Schon, Founder and President of Schon Properties, says, 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 have found one of the most capable partners in Al Hamad Group, with their established construction track record of 45 Years and history of building some of the tallest towers in the world.
Additionally, Al Hamad expertise in hospitality with the fact that they have built, and now own and operate over 7 hotels in the region, including Media Rotana Tecom and Hilton Jordan Gate, is very beneficial to the success of the iSuites project.”
Piling and shoring works of the project, designed by Swiss Design Bureau, have already been completed while the main construction will commence in January.