New JV Plans $870M Hotel Complex in Dubai
BySchon Properties and Al Hamad Group are developing iSuites, a mixed-use development featuring a 2,550-key hotel, to support the Dubai government’s goal of attracting 20 million visitors to the city by 2020.
The Dubai Government’s Tourism Vision 2020, an initiative designed to attract 20 million annual visitors to the U.A.E. city by 2020, has inspired Schon Properties and Al Hamad Group to establish a new joint venture for the development of iSuites, an $870 million project featuring a 2,550-key hotel.
The number of keys planned for iSuites may seem extravagant, but in the Dubai hotel market today, it’s all relative. Nashat Sahawneh, chairman of Al Hamad Contracting, a subsidiary of Al Hamad Group, said in a prepared statement that the project, “will help support the Dubai Government’s vision to create 140,000 hotel rooms for tourists and visitors to the emirate.” As of the close of 2016, the city’s hotel stock totaled 78,500 rooms, per a JLL report…
New JV Plans $870M Hotel Complex in Dubai
