Property

Damac to sell first Aykon City hotel rooms overlooking Dubai Canal

By Ben Flanagan

Posted on March 10, 2016

Rooms in 63-storey block start at $270m

PHOTO: The wider development includes the 80-storey Aykon Hotel and Residences and a 60-storey apartment tower. Credit: Damac

Damac Properties today announced the sales launch of the first hotel rooms at its Aykon City project overlooking the Dubai Canal.

The rooms will be priced at around AED 1 million ($270m) and “are expected to sell quickly due to the high-yielding investment opportunity they present”, the Dubai Financial Market-listed developer said in a statement.

The hotel rooms are within Tower B, a 63-storey serviced property to be operated by the four-star hospitality brand Damac Maison, and are part of the wider Aykon City development on Sheikh Zayed Road.

The top 10 floors of the tower will house the 280 hotel rooms, while the remaining floors will comprise hotel apartments and serviced units, Damac said.

The rooms will be available for investors to purchase on March 12 at the Westin Hotel in Dubai, from 3pm to 10pm.

“With the number of visitors to the emirate expected to reach 20 million by the year 2020, hotel rooms will increasingly be in high demand,” said Niall McLoughlin, senior vice president at Damac Properties.

“Owning a luxury freehold hotel room in a central location that benefits from the vast infrastructure that surrounds it, including accessibility by car, metro or water taxi, is undoubtedly a lucrative and prudent investment decision.”

The wider development includes the 80-storey Aykon Hotel and Residences, a 60-storey apartment tower, 65-storey office tower and two ultra-luxury residential towers of around 30 floors each.