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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