- Excavation works completed - main construction works to commence
- 60% of branded residences sold
- Arjaan branded hotel apartments to go on sale - managed by Rotana Hotel Management
- Hotel apartments ROI expected at 8% per annum
Cayan Group, the leading property developer in the Middle East announced today at a joint press conference held in Dubai, the appointment of Rotana Hotel Management as the hotel operator for the Cayan Arjaan Hotel Apartments project. Furthermore, Shapoorji Pallonji International has been appointed as the main contractor for the project with construction works expected to commence during November 2016.
The press conference which was attended by Ahmed Alhatti, Chairman of Cayan Group; Nasser Nowais, Chairman of Rotana; Omer Kaddouri, President & CEO of Rotana; Mohan Saini, MD & CEO of Shapoorji Pallonji International and Ziad Kanaan, Real Estate Director of SHUAA Capital.
At the press conference, the project partners came together to also discuss the importance of the leisure and hospitality sector around the Gulf Cooperation Council countries, the untapped opportunities still available around the region, and to emphasize the importance of quality and precision in creating a rewarding and lasting brand experience, especially in the midst of low oil revenues, and efforts towards economic diversification plans.
The hospitality sector is a strong performer in the GCC at large and especially in the UAE, where occupancy has averaged around 85% over the last five years.
In the Middle East, Rotana was one of the first companies to launch the “All Suites” concept in 1996, which was rebranded to “Arjaan Hotel Apartments by Rotana”. Currently hotel apartments make up 21% of Rotana’s total rooms and the brand plans to expand its serviced apartment offerings across the region to meet demand especially amongst business travellers who make up 64% of guests at the Rotana serviced apartments.
Forecasting an occupancy rate of 90% year-to-date, excellent service and beautiful interiors, Cayan Cantara’s hotel apartment tower will function under Rotana’s Arjaan brand. The “Arjaan Hotel Apartments by Rotana” is known for making extended-stays luxurious and comfortable through the provision of fully equipped multi-bedroom hotel apartments serviced by 24-hour room service, and leisure facilities such as gyms and pools.
The project’s residential tower has had 60 percent of apartments sold to date. The tower will be managed by Rotana’s “The Residences” brand, which is the company’s latest trend-setting hotel residence hybrid extending hotel facilities to home dwelling. The residential tower although managed by Rotana, will provide tenants the option of personalizing their living spaces. There is no doubt that the services provided by Rotana, its average high occupancy rates, and its brand reputation of high quality across the Middle East and beyond will make for a sound and profitable investment.
Speaking on the partnership with Cayan Group, Nasser Nowais, Chairman of Rotana, said, “We are excited to partner with Cayan Group on yet another one of its iconic masterpieces. With Cayan Cantara Towers we are sure the project itself will marvel the visitors, and it is truly exciting to be a contributing partner in promoting quality, luxury, and an experience in Dubai.”
Mohan Saini, MD & CEO of Shapoorji Pallonji International, said, “Developing Cayan Cantara will be an exciting project, especially as we bring to life some of its architectural delights. We welcome the challenges involved in building this beautiful masterpiece without compromising on quality.”
Ziad Kanaan, Real-Estate Director of SHUAA Capital, said, “Cayan’s ability to regularly deliver high-quality, institutional grade real estate projects – be it residential or commercial – is a testament to their capabilities in this market place. SHUAA has also had a solid experience already working with Rotana, who are managing three of our own properties in Saudi Arabia. We look forward to leveraging this blend of expertise from the various partners to build out Cayan’s fund and deliver attractive returns to their investors.”
Ahmed Alhatti, Chairman of Cayan Group, said “It is a great feeling to work with such renowned brands in the hospitality and construction sectors. We want to showcase to our clients that at Cayan Group, the grandeur of our projects is more than just what meets the eye: we want to reassure both our existing and potential clients that their Return on Investment is our priority too.”
The Cayan Cantara project will also offer interested individuals the opportunity to invest in a rental pool which will be managed by Rotana at no extra charge and increase the overall ROI for the client by at least 8%.
The project comprising of two towers, the residential and hotel apartment tower will include more than 700 units in the form of studios, apartments ranging from one-bedroom to three-bedrooms, and penthouses. For a convenient and luxurious living, the project will offer amenities such as retail spaces, restaurants, meeting rooms, gym, spa, and lounge.
Launched in two stages at the strategic Umm Sequiem Road in Dubai which is fast becoming a major connection to roads, malls, recreational centres, residential areas, and educational institutes, Cayan Cantara is at an ideal location for sustaining a fulfilling lifestyle. Cayan Cantara is located two minutes away from each Sheikh Mohammed Bin Zayed Road, and Al Khail Road, and 6 minutes away from Emirates Road; the Mall of the Emirates and Dubai Mall is only a 5 and 18-minute drive respectively; situated near recreational areas such as Miracle Garden, IMG Worlds of Adventure, and Global Village, and 20 minutes away from the Dubai Al-Maktoum International Airport the location offers convenience, ease, and holistic living.
The residential tower was launched recently and received a tremendous response from the public in terms of sales, and the same is expected for the hotel apartments. The official sales of the hotel apartments were launched during the press conference.