UAE-based Schon Properties has announced the launch of iSuites, a 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 site.  

The entire complex includes 21 mid-rise buildings – each having nine floors including two basement floors – which will be delivered by 2020, just before the historic Expo 2020 begins in the fourth quarter of 2020.

A recipient of the Top Private Developer award for 2016 by Forbes Middle East, Schon Properties said 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 guarantees 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 to 15 per cent per cent.  

On the new project, Noorul Asif, the chief operating officer of Schon Properties, said: "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."

"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," stated Asif.

"In order to help align with the Dubai Government’s Vision 2020, Schon 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," he added.  

Schon Properties said iSuites envisages smart modern living of functional and futuristic facilities.

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 pure family vacation.  

"iSuites is our own development plan that further strengthens the Government of Dubai’s vision. We have gathered all our resources to realign our development game plan to ensure the timely delivery of the project that will be connected to the Expo 2020 site with the new metro line," explained Asif.  

“So, visitors to Dubai could check into iSuites within 10 minutes of arriving at the Al Maktoum International Airport, as the project is located just two stations from the world’s largest greenfield airport development project within Dubai South,” he stated.
 
A lucrative investment product, iSuites will help contribute to the economic growth of the UAE and help realise the country’s vision 2020 and 2030.

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 and benefit from a higher return on investment.

“Our study shows that an investor could get an average net income yield of 12 per cent return on investment from our latest offering – iSuites – that will help investors make more money with less pain,” observed Asif.  

"The yield is backed by strong numbers of tourists coming in the proximity of the iSuites site which will lead to strong occupancy levels and high average daily rates (ADR’s). The movement of 160 million passengers through Al Maktoum International Airport, 25 million tourists to the Expo 2020 site and five million annual tourists at Dubai Parks and Resorts – are the three mega demand drivers for iSuites.

"All these projects are what most of us in Dubai are banking on, and with our location next to them, we are very confident in the long-term prospect of the venture," he added.

iSuites' strategic location being next to the world’s largest airport – Al Maktoum International Airport – assures high occupancy rates and secure income for investors.

iSuites features over 52 restaurants and cafes boasting outdoor areas overlooking the Crystal Lagoon as part of a master-planned development. It also includes a 125,000-sq-ft retail promenade called the Laguna Centrale Mall.

These include urban themed cafes dedicated for entrepreneurs, kids play areas and nanny services available for all guests. Banks, retail, spas, supermarkets, pharmacies, healthcare facilities, and shopping are available at the Laguna Centrale Mall to give full service to all guests for the hotel development.

iSuites was the beginning of Schon’s restructuring plan and change of development direction, fully focusing on hospitality ventures going forward, said Asif.

"We will offer everything from ski slopes, to the desert, to culture, to arts, to beaches, to year-round sunshine, all with 100 per cent security, hence, we believe tourism is the best investment in Dubai," he added.-TradeArabia News Service