Dubai Civil Engineering has broken ground on a $870mn hospitality project barely a month after it was given the greenlight by joint developers Schon Properties and Al Hamad Group.
Located in Dubai Investments Park, iSuites will consist of 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and a 125,000 square feet shopping mall surrounded by a manmade beach and a lagoon spread over 5 acres.
The project is well positioned to serve the estimated 25 million visitors that are expected to decend on Expo 2020 over the course of its six-month duration.
Danial H. Schon, Founder and President of Schon Properties, said: “The ground-breaking ceremony within a month of our announcement of the joint venture reflects our strong commitment to expedite completion of the iSuites project prior to Expo 2020 and contribute to the growth story of the UAE as a private developer.
We owe a lot to this great city of Dubai and the United Arab Emirates, and we are grateful to the vision of His Highness Sheikh Mohamed Bin Rashid Al Maktoum for making such a venture possible.”
The hotel apartments will be managed by international hotel operators to offer greater comfort to visitors while a portion of the iSuites inventory will be offered to investors.
Nashat Sahawneh, Chairman of Al Hamad Group of Companies, said: “The ground-breaking ceremony is our first step towards completing one of the region’s largest single-site development of hotel apartments and we are pleased to be part of it. The move reflects our strong commitment to the project and we are determined to deliver it in time for Expo 2020. We take great pride to be part of a great vision set by our UAE rulers in the construction and development industry.”