Dubai – Mubasher: Schon Properties and Al Hamad Group have announced a joint venture (JV) to develop the iSuites project worth AED 3.2 billion ($870 million), according to a statement.
Al Hamad Group will be responsible for the project’s construction through its contracting arm Dubai Civil Engineering.
The 2.6-million square feet project will see the development of 2,550 hotel apartments at Dubai Investment Park.
The main construction will begin in January 2018, and is set to be completed before the Dubai Expo 2020.
Investment in Dubai’s hotel industry is expected to pick up in the next four years to welcome the expected 20 million annual hotel guests by 2020, according to the Department of Tourism and Commerce Marketing (DTCM).
