(MENAFN) Dubai's real estate company SKAI Holding is currently in the initial planning stage for its third hotel project in the city, CEO and co-founder confirmed.
The project is reportedly set to be valued at around USD272 million and located in Jumeirah Village Circle (JVC), close to the Expo2020 site. The hotel is scheduled for operation in 2018.
This month, SKAI secured USD300 million in new funding from a range of local and international lenders, including some of the biggest banks, in order to fund development of the new project.
"We have two or three concepts so I can't comment [whether we've] decided on one or the other and the costs. It will be hospitality," Group CEO of SKAI Holding said in an interview.
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