DAMAC Properties announce Paramount Hotel Dubai, Downtown

Real Estate

DAMAC Properties announce Paramount Hotel Dubai, Downtown

Dubai, United Arab Emirates: 21st September 2014. DAMAC Properties has announced its latest luxury hotel in Dubai, a fourth project in Dubai in collaboration with the luxury hotel operator, Paramount Hotels & Resorts. Boasting 1,250 luxury rooms and suites, the Paramount Hotel Dubai, Downtown will showcase timeless Hollywood elegance meets Californian lifestyle with contemporary styling, and a polished integration of elements of Paramount Pictures movies through high tech media mapping and digital signage. As a compliment, the property will honor its own identity influenced by the local creative communities, becoming a living showcase of contemporary arts reflected in every facet of the hotel.

Concept design of the project which will be developed on a plot located just off Sheikh Zayed road in the Downtown area is already underway with the hotel set to open its doors in 2018.

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. With the sales launch planned for early next year, the Paramount Hotel Dubai, Downtown will present an opportunity for investors to buy into Dubais booming tourism market, which is set to exceed 20 million tourists by 2020. The impact of hosting the World Expo the same year is anticipated to significantly grow that number.

The hotel rooms will be made available for investment during the build phase of the project, with buyers able to capitalize on revenue from the room rates when the project opens. According to the latest figures release by the Department for Tourism and Commerce Marketing (DTCM), hotels in Dubai welcomed more than 5.8 million tourists in the first half of 2014, which is a record half-year record for the emirate.

We are in a unique position to be able to bring the very best technological practices being used in the Hollywood blockbusters seen on screen, into a cinematic and transformative hotel environment, which will make every moment in the Paramount Hotel Dubai, Downtown an engaging and refreshing experience, said Thomas van Vliet, Chief Executive Officer at Paramount Hotels & Resorts. Dubai is perfectly positioned to further entice international visitors, with a pleasant climate, safe environment, amazing shopping experiences and globally-recognized tourist attractions.
DAMAC Properties released its first association with Paramount Hotels & Resorts in March last year with the four-tower iconic development, DAMAC Towers by Paramount Hotels & Resorts, which saw sales exceed AED one billion in fewer than two months of the launch. The project includes luxury serviced residences and a hotel, overlooking the Burj Area of Dubai and construction is ongoing.

The two companies are also collaborating on a beach-front hotel, Paramount Hotel Dubai, Jumeirah Waterfront, serviced villas in AKOYA, namely DAMAC Villas by Paramount Hotels & Resorts and a serviced hotel apartment project on King Fahd Road in Riyadh in the Kingdom of Saudi Arabia, DAMAC Towers by Paramount Hotels & Resorts. Established in 2002, DAMAC has delivered almost 11,000 units to date and currently has a development portfolio of over 26,000 units at various stages of progress and planning as of June 30th 2014, which includes over 10,000 hotel rooms and serviced hotel apartments.