Tag Archives: Schon Properties and Al Hamad Group

Schon Properties and Al Hamad Group announced a joint venture to develop iSuites, a massive 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 venue. The entire complex includes 21 buildings – comprising 2,550 hotel suites, 52 restaurants and outdoor cafes, 125,000 square feet shopping mall, all surrounded by a manmade beach and a lagoon spread over 5 acres– all to be delivered before the historic Expo 2020 begins in the fourth quarter of 2020. Al Hamad Group is investing equity to finance the construction of the project and acquire a substantial stake in the 2,550 unit 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 branded hotel apartments will be managed by international hotel operators to offer greater comfort to visitors. Part of the iSuites inventories will be offered to investors that offers a high return on investment. Sales of the iSuites are currently on as investors and buyers could now purchase a hotel suite or a service apartment that will be managed by international branded chain hotel operators and offers buyers a higher income of 12-15 per cent per cent.

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