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Dubai: Damac Properties’ Paramount connection continues to grow. Together they are helming the 1,250-key Paramount Hotel Dubai, Downtown. Concept design of the project — to be developed on a plot located off Shaikh Zayed road in the Downtown area — is underway with the hotel set to open in 2018.
The sales launch for the units are planned for early next year.
The first link-up between the two happened in March last year with a four-tower development, the Damac Towers by Paramount Hotels & Resorts. Unit sales fetched more than Dh1 billion within just over two months of the launch. Overlooking the Burj Area, construction is ongoing.
The two are also collaborating on the beachfront Paramount Hotel Dubai, Jumeirah Waterfront, serviced villas in Akoya, and a serviced hotel apartment project on King Fahd Road in Riyadh, the Damac Towers by Paramount Hotels & Resorts.
“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,” said Thomas van Vliet, CEO of Paramount Hotels & Resorts. “Dubai is perfectly positioned to further entice international visitors.”
According to Hussain Sajwani, Chairman of Damac Group, “We have over 10,000 units within the hospitality portfolio in various stages of development. “In the next six years Dubai has one of the greatest opportunities to solidify its place as the most attractive place to live in the world. With tourism and population growth expected to more than double by 2020 there will be a great deal of infrastructure investment required — not just to support the short-term impact of the world’s biggest exhibition, but to also manage the long-term growth of the emirate.”
Damac Properties opened the first hotel in its portfolio last December, the Damac Maison on Dubai Mall Street. The Naia Jebel Ali has also gone fully operational.
Wan't to know more about Damac Properties? See its profit and revenues upturn on realty.
Source: Staff Report, gulfnews.com