DAMAC Properties and Paramount Unveil $1B Luxury Hospitality Project in Dubai
By Adriana Pop, Associate Editor
Dubai, UAE—Paramount Hotel & Resorts, the official licensee of legendary movie production studio Paramount Pictures, has partnered with real estate giant DAMAC Properties to develop a $1 billion four-tower mega project in the heart of downtown Dubai.
Currently under construction, DAMAC Towers by Paramount will include a five-star 540-key Paramount Hotel & Residences in one of the high-rises, as well as 1,400 DAMAC Maison–Paramount co-branded serviced hotel residences in three adjacent skyscrapers. The new development marks Paramount Pictures’ first venture into the hotel and real estate industry in the Middle East.
The one-, two- and three-bedroom hotel condominiums and the ultra-luxury penthouses will offer fully equipped kitchens, valet parking, concierge services, housekeeping, in-room beauty treatments and baby-sitting services, as well as access to a children’s club. The owners of the residences will also be provided with the option of renting the units while away, DAMAC Properties announced.
Upon completion by the end of 2015, the mixed-use tower will be managed by Paramount Hotels and Resorts, whereas the serviced hotel residences in the other three buildings will be managed by DAMAC Maison, the hospitality division of DAMAC Properties.
The towers will be connected through a multi-level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centers, swimming pools and a kids’ club, as well as retail and merchandise space.
DAMAC Properties Managing Director, Ziad El Chaar, has recently launched the DAMAC Towers by Paramount project at ITB Berlin, the world’s leading travel trade show.
“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle,” he said.
Located in Dubai’s tourism hotspot, the towers will surprise guests with stunning views of the world’s tallest building, the Burj Khalifa. The new hotel and residences will also provide easy access to one of the world’s largest shopping centers, The Dubai Mall.
According to a recent report by Knight Frank, demand for high-quality, branded residential developments in Dubai is on the rise. Furthermore, the report shows that the area’s luxury brands are demanding nearly 60 percent more value than non-branded projects.
“We have been saying for a while that the luxury serviced hotel apartments sector is set to drive the resurgence in the Dubai property market, and DAMAC Towers by Paramount is the realization of that prediction. The project provides a unique opportunity for both the end-user and the investor,” added El Chaar.