Bonyan to invest in ‘world’s tallest hotel’ based in Dubai
Park Square Tower’s exact height is yet to be finalised but is expected to top 150 floors
Bonyan International Investment Group has announced it will invest US $1.2 billion (AED4.4 billion) in what it claims will be the world’s tallest hotel.
The exact height of Park Square Tower in Dubai is yet to be finalised, but it is expected to comprise 150 floors and stretch over 130 000 m2 of land. Construction of the project is due to begin within the next six months and is scheduled for completion by 2010.
The project is being developed in partnership with KM Properties, part of Dubai-based Al Rostamani Enterprises. It is being financed by a group of regional investors and banks.
Located in Dubai’s central business district at the intersection connecting Bur Dubai, Sheikh Zayed Road, Al Diyafa Road and Zabeel Road, Park Square will be a mixed-use luxury development aimed at tourists and business travellers. The site will also incorporate Dubai’s largest Metro station and will be an 11-minute ride to Dubai International Airport.
Although the current plans are to build and sell the development as a series of hotel and furnished hotel apartments, Bonyan has revealed that it is open to discussing opportunities with investors and hotel operators for other feasible business options, which could include multi-franchise hotels in the same tower.
Tariq Ramadan, group general manager at Bonyan International Investment Group, dismissed suggestions that Dubai’s top-end hotel market has reached saturation point: “Park Square Tower is an ambitious project that comes at a time when the hotel industry is booming and the demand for luxury hotels in Dubai is at its peak.
“With Dubai gaining recognition as a leading tourist destination and 15 million tourists projected to visit the city by 2010, the time is ripe for us to tap the potential of this growing sector.”
The mixed-use development will include restaurants, shopping, leisure and entertainment facilities and will be built adjacent to Zabeel Park, a man-made park stretching over 186 000m2 that is due to open in November.
Bonyan has yet to appoint an architect or project management team: “A few architects are currently being considered and we will make a decision shortly,” said Ramadan.
“One of the key decisions on the project is to appoint an
international consultant who has experience of building
skyscrapers,” he added.
The group currently has properties worth AED3 billion under construction across the region, including Dubai Gate Towers 1 and 2, Sharjah Gate, Lulu Tower and ABBCO Tower in Sharjah.