Saudi-based developer Cayan Group is set to announce the launch of a hotel apartments tower as part of its $272 million Cayan Cantara project in Dubai.
The developer said in a statement that the hotel apartments tower will be managed and operated by a well-renowned hospitality giant, to be named later this month.
The launch will represent the company's first foray into the hospitality sector, it said.
“The unbridled success of the first Cayan Cantara tower prompted us to carry on with our master plan for the Cayan development on the strategic Umm Suqiem Road," said Ahmed Alhatti, chairman of Cayan Group.
"Entering the hospitality and tourism sector through the development of a hotel apartment tower at Cayan Cantara is of strategic importance to the growth of Cayan both in terms of physical growth and brand equity, and Dubai which is a tourist magnet is a good place to put our hospitality strategic plans in motion," he added .
The Cayan Cantara project was launched recently, and the developer said its branded residences tower has received "tremendous response", with 60 percent of units sold.
The hotel apartment tower will feature more than 700 units in the form of studios, apartments ranging from one-bedroom to three-bedroom, and penthouses. It will also include shops, restaurants, meeting rooms, gym, spa, and lounge.
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The development of the project is managed through a AED1 billion real estate development fund set up between Cayan Group and the investment firm Shuaa Capital.