Omniyat Group, Dubai-based real estate Company, announced it has awarded the enabling works contract for the Langham Place Hotel and Residences in Downtown Dubai, an AED1 billion ($272 million) investment, reported Arabian Business.

Mobilization work is set to begin in a week and is to be completed by Q1 of 2017, according to Emirates 24/7. The main construction tender is currently underway and Omniyat expects to award the tender by end of 2016.

The hotel will comprise 167 keys and the new Residence will have 239 residences, which range from deluxe to one-,two, and three-bedroom suites and duplex penthouses.

“The commencement of construction and award of the enabling contract to Dubai-based NSCC is a significant milestone towards our commitment to completing our 2,000 keys of uber-luxury hotels and 5 star serviced residences before Dubai hosts expo 2020,” said Mark Phoenix, Managing Director, Omniyat Group, said.

Some of Omniyat major projects include The Opus by late Dame Zaha Hadid, The Sterling, and ONE at Palm Jumeirah. The Group has future projects in planning and development worth AED 12 billion.