Cayan Group enters hospitality arena
Property developer Cayan Group has revealed plans to launch a hotel apartments tower in Dubai to be operated by a well-known hospitality brand.
The success of the Cayan Cantara project on Umm Suqeim Road prompted the company to carry on with its master plan for the development, it said in a statement.
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, said Ahmed Alhatti, Chairman of Cayan Group.
The Cayan Cantara project was launched recently, and since then the branded residences tower has received tremendous response from the public and already achieved 60 percent in sales. Further, for investors in the project, approximate appreciation in value is above 20 percent, Cayan said.
Along with the hotel apartment tower, there will be more than 700 units ranging form of studios to three-bedroom and penthouses with retail spaces, restaurants, meeting rooms, gym, spa, and lounge.
The development of the project is managed through a AED 1bn real estate development fund set up between Cayan Group and the investment firm SHUAA Capital.
More details about the hotel apartment tower including the hotel operator, construction updates, and official launch date of sales of the tower will be announced at a press conference in Dubai on 28 November.
