Achkar Real Estates, owner of O Monot Boutique Hotel, is planning to open O Monot Suites, a furnished apartment project adjacent to the hotel in Monot Street, Saifi.
Investment in the project is estimated at $22 million including the cost of the land. Construction works are expected to start in early 2019.
Ghazi Achkar, Chairman of Achkar Real Estates, said that he purchased the land five years ago with a cost of $8 million.
The project will comprise 22 floors, with a total built-up area of 3,500 square meters (m2). It will include around 45 apartments, the space of each ranging between 65 and 85 m2.
The project will include a gym and conference room. It will provide room services such as housekeeping and food and beverages.
Achkar, who previously owned 'Huntingdon’ furnished apartments in London, said that the project will be a complementary to the boutique hotel.