Sunday, September 21, 2014

Damac, Paramount Launch 1250-key Luxury Hotel in Dubai

Damac Properties continues to grow its partnership with its luxury partner Paramount Hotels & Resorts with 1250-key property confirmed for Downtown Dubai.

Paramount Hotel will be the fourth project by the partners in Dubai off Sheikh Zayed Road. The property is set to open in 2018.

Paramount Hotels & Resorts was established and registered in 2012 and has a long term, exclusive agreement with Paramount Licensing Inc., the licensing division of film studio Paramount Pictures Corporation, to establish a chain of Paramount branded hotels and resorts.

The new Hotel will integrate elements of Paramount Pictures movies through high tech media mapping and digital signage. The hotel will aim to showcase timeless elegance meets Californian lifestyle and Contemporary styling. The property will identify its own identity influenced by the local creative communities.

"The number of visitors to Dubai is set to double in the next six years and the Paramount Hotel Dubai, Downtown will support the growth with a high-end, theatrical and immersive experience for international tourists," said Ziad El Chaar, Managing Director, DAMAC Properties. "Our current projects under development with Paramount Hotels & Resorts have proved immensely popular and there is clearly a high demand for unique and luxurious hotel accommodation in Dubai."

The sales launch is planned for early next year, and the property will present an opportunity for investors to invest in Dubai’s booming market which is set to exceed by 20 million tourists in 2020. The hotel rooms will be available for investment during the build phase of the project allowing the investors to capitalize on revenue when the project opens.

Damac and Paramount are collaborating on a beach front hotel, Paramount Hotel, Jumeirah Waterfront, as well as Damac Villas by Paramount in Akoya development. While in Saudi Arabia, they are working on a serviced hotel apartment project, Damac Towers on King Fahd Road in Saudi Arabia.

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