Park Lane consists of office space and a hotel / hotel serviced apartments to be managed by Park Regis (a member of the Stay Well Group).
Overview & Breakdown
Park Lane was originally launched by KM Properties in 2007; however, the project was put on hold following the 2008 financial crisis. The project was revived in 2013 / 2014 through the Dubai Land Department Tanmia Initiative. The building's construction (as of Jan 2016) is in an advanced stage and completion is scheduled for Q1 or Q2 2016.
- Floors 1 - 22 are office space. Executive Office space is available on the 31st and 32nd floor.
- Hotel apartments are from the 23rd - 30th floor
- There are a total of 234 hotel apartments, studios and 1 bedrooms only.
- Park Regis, a member of Staywell Hospitality has been appointed as the hotel operator.
- Each floor in the hotel component consists of 26 units (24 studios and 2 one bedrooms). The studios range in size from 304 - 507 sq. ft. while the 1 bedrooms have built up areas of 763 sq. ft.
If I invest in a hotel room, can I rent my unit out myself?
You have to sign a management agreement. 8% rental return is guaranteed for the first 2 years.
After the first 2 years, all units will be in a rental pool meaning that revenues will be shared based on the size of the units; distribution by management company will be done on a per sq. ft. basis.
Benefits for owners
- 14 nights free stay annually
- 1st year recreational membership free
- No services charges
- No maintenance fees
- 15% discount on F&B outlets (even if you're not staying at the hotel)
Are units available for sale?
As of October 2018, there are limited hotel rooms for sale. The developer is still offering a guaranteed 8% rental income for the first two years.
Dubai Land Classification Details:
Land Number: 88
Project Number: 20
RERA Permit No : 15128