Jumeirah Beach Residence was launched in August 2002 from the developer, Dubai Properties (a subsidiary of Dubai Holding) with the cost of 6 billion dirham and was completed in 2007. The Walk at JBR restaurant and shopping strip, which is adjacent to the beach behind JBR, is a very popular location for Al Fresco dining. There are five hotels, rated as 5 star or 4 star, three of which are purpose-built hotels, while the other two are converted residential towers.[18]