UAE-based real estate developer Schon Properties on Tuesday announced the launch of a more than AED 3.2 bn hospitality development, dubbed iSuites, near the site of Expo 2020, according to a press release posted by Reuters Zawya.
The company aims at developing 2,550 hotel apartments at a single site near Dubai South and is the largest single-site hotel apartment project in the MENA region, according to Schon.
The new complex will comprise 21 mid-rise buildings with each featuring nine floors, including two basement floors. The whole project is scheduled to be delivered by 2020, just before the Expo 2020 kicks off.
The hotel apartments will be managed by international hotel operators with part of the project being offered to investors, guaranteeing a 12% average annual return.