Falconcity Hotels & Resorts signs strategic agreement with Oakwood Worldwide to operate 1790 hotel and serviced apartments in SAM Polaris and SAM Vega Pyramids
Falconcity Hotels and Resorts, the hospitality arm of Falconcity of Wonders LLC (FCW), the developer of the ongoing Falconcity of Wonders multipurpose mega project in Dubai, announced the signing of an agreement with the leading global accommodation solutions provider Oakwood Worldwide to operate the hotel and serviced apartments in the SAM Polaris and SAM Vega Pyramids. The signing was announced on the sidelines of the ongoing Cityscape Global exhibition in Dubai. The project is Oakwood Worldwide’s first undertaking in the UAE, which reflects FCW’s potential to attract leading players in the global hospitality industry to the UAE. The transaction was advised by Moon Hotel Management and Beaufort Global, leading investment, development and asset management firms based in Dubai.
The pyramid SAM Vega and the pyramid SAM Polaris form 2 out of 3 pyramids in the Pyramids Park and a part of the iconic Wonders of the World project within the magnificent Falconcity of Wonders and feature 1,500 and 290 units respectively. Both pyramids will have branded and furnished hotel and serviced apartments with associated leisure, F&B and retails offerings. Height of SAM Polaris is 94 meters with a total of 1,527 parking slots, while the 57 meters tall SAM Vega offers 490 parking slots.
H.E. Salem Almoosa, Chairman and General Manager, Falconcity of Wonders LLC, said: “Our latest cooperation with leading global accommodation solutions provider Oakwood Worldwide to operate the hotel and serviced apartments in the SAM Polaris and SAM Vega Pyramids forms part of our continuing efforts to sustain global interest in Dubai’s real estate landscape. It also reflects the confidence of international hospitality players in Falconcity of Wonders’ potential to become a major landmark in Dubai and the region as a whole, presenting an extraordinary investment opportunity for investors looking to own remarkable properties in one of the world’s most popular real estate destinations.”
A majority of prospective buyers are expected to acquire units of SAM Vega and SAM Polaris for investment purposes and therefore opt into the rental pool scheme. The partnership with Oakwood is set to take the investment ROI to another level. Furthermore, FCW, which houses the pyramids, is strategically located along Sheikh Mohammed Bin Zayed Road, adding further value to the ROI.