Marina 101 tower to include hotel

Sheffield Real Estate, a leading Dubai property developer, has received clearances from the Department of Tourism and Commerce Marketing to operate a full fledged hotel at Marina 101.

Recently announced as a concept residential tower offering a unique money back investment option to investors, Sheffield will now invest an additional Dh200 million ($54.4 million) to the Dh1.4 billion tower to accommodate additional features and finer aspects that will be included in the project, said the company.

Rising 101 floors at more than 412 m, Marina 101 will now comprise the hotel across the first 32 floors, while 58 floors will be reserved for hotel apartments and individual investors who wish to buy real estate at this prestigious project and avail of the unique money back investment proposition on offer. The remaining 11 floors are reserved for retail space as well as food and beverage and recreational, leisure facilities being offered. The Marina 101 tower will have an approximate area of 1.65 million sq ft under development.

Announcing this, Abuali Malik Shroff, managing director, Sheffield Real Estate, said: ?We are pleased to announce that Marina 101 will now have a hotel component as part of the project. While significantly increasing the value of this landmark tower, the hotel will help meet the surging demand for rooms at the exclusive Dubai Marina. According to Ministry of planning forecasts, visitors in hotels and apartments in 2004 stood at 5.5 million and are expected to touch 8.5 million by 2010. A lot of holiday and business travellers prefer seaside waterfront living and we believe the unique mix that our project offers will certainly spell success to both the hotel as well as the residential components.

?We are in the process of identifying and evaluating our hospitality partner to operate the hotel. The same will be announced shortly,? he said.

Sheffield Real Estate is developing Marina 101 in collaboration with Rustar Real Estate, Russia?s most respected property firms. Marina 101 will be a first of its kind tower which will be operated on the model of serviced hotel apartments apart from the full service hotel component. This is for the first time that investors will have the opportunity of owning property in the same tower that will house a premier hotel project as well. Marina 101 will tap into the ever-expanding number of buyers who preferably consider property in Dubai as a second home and / or one that will also double up as very attractive investment, said Shroff.

`Marina 101? will tower above most of the high-rises in the city, lending prominence to Dubai Marina in terms of concept as well as height. When complete, it will add new appeal to Dubai?s shimmering skyline. Its external facade is designed as a majestic glass structure racing into the sky, finally culminating in an illuminating crystal crown. The construction of Marina 101 will commence shortly and the project is expected to be complete by the first quarter of 2010.