Korean builder Ssangyong Engineering & Construction (Ssangyong E&C) will build a five star boutique hotel in Dubai’s La Mer beachfront development under a KRW 70bn ($62mn) contract.
Property owner wasl awarded the deal for the 156-room Andaz Hotel, a Hyatt brand, designed by VX Studio. Construction has commenced and is expected to take 20 months to complete, Ssangyong confirmed.
This is the Korean builder’s first project win in Dubai from a customer other than the Dubai Investment Authority (ICD), a statement said.
wasl currently owns 14 hotel properties and has 25,000 apartments and commercial properties under its management in Dubai alone. The company has said it plans to have a total of 29 hotels by 2020.
Dusit Thani, Park Hyatt and Le Meridien are just three of the standout Dubai properties in its portfolio.
The developer is building Dubai’s first Mandarin Oriental hotel, set to open in Jumeirah by the end of this year, with a second outlet of the brand earmarked for a tower on Sheikh Zayed Road by 2020.