Schon Properties has announced the development of iSuites, a $870 million home-grown hospitality portfolio that will see the development of 2,700 hotel apartments at a single site within Dubai Investment Park, close to the World Expo 2020 site.
The complex includes 21 mid-rise buildings and will be delivered by 2020, the Dubai-based developer said in a statement.
The branded hotel apartments will be managed by international hotel operators to offer greater comfort to visitors, Schon said.
iSuites includes a 125,000 square feet retail promenade called the Laguna Centrale Mall. These include urban themed cafes dedicated for entrepreneurs, kids play area’s and nanny services available for all guests. Bank, retail, spa’s, supermarkets, pharmacies, healthcare facilities, and shopping will also be available.
“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,” said Noorul Asif, chief operating officer of Schon Properties.
“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 – the largest exposition to take place in the history of the Middle East – that the city of Dubai will proudly host.
“In order to help align with the Dubai Government’s Vision 2020, Schon Properties has stepped up its efforts to support the government’s tourism vision that will prepare the city to host 20 million hotel guests per year by 2020 and support the 25 million visitor traffic to the Expo 2020 site.”
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.
The full-serviced hotel apartments are targeting millennials interested in urban lifestyle hotel stays, small families coming to Dubai on a short-term corporate assignment or a family vacation.