iPad simulator is not launching with Appium 1.5.2 or 15.3 and XCODE 7.3

Appium 1.5.2 and 1.5.3
xcode 7.3
[Appium] platformName: ‘iOS’

[Appium] platformVersion: ‘9.3’
[Appium] deviceName: ‘iPad Air’

When I try to launch an iPad simulator. I am getting the following error.

[MJSONWP] Encountered internal error running command: Error: Condition unmet after 60125 ms. Timing out.
at spin$ (lib/asyncbox.js:118:13)
at tryCatch (/Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/regenerator/runtime.js:67:40)
at GeneratorFunctionPrototype.invoke [as _invoke] (/Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/regenerator/runtime.js:294:22)
at GeneratorFunctionPrototype.prototype.(anonymous function) [as next] (/Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/regenerator/runtime.js:100:21)
at GeneratorFunctionPrototype.invoke (/Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/regenerator/runtime.js:136:37)
at run (/Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/node_modules/core-js/library/modules/es6.promise.js:89:39)
at /Applications/Appium.app/Contents/Resources/node_modules/appium/node_modules/asyncbox/node_modules/babel-runtime/node_modules/core-js/library/modules/es6.promise.js:100:28
at _combinedTickCallback (internal/process/next_tick.js:67:7)
at process._tickCallback (internal/process/next_tick.js:98:9)