The first Paramount-branded hotel in the Middle East, a $ 1 billion five-star hotel and branded serviced hotel residences, will be built in Dubai’s Burj Khalifa area, developer Damac announced yesterday.
The announcement follows Damac’s launch of the two towers in Dubai and Riyadh last month, which are being built in partnership with Fendi Group.
Ziad Al-Chaar, Damac Properties' MD, said they are partnering with Paramount Hotels and Resorts in the venture.
The four-tower project, with each tower rising over 250 meters and overlooking Burj Khalifa, will comprise 540-room Paramount Hotel & Residences and over 1,400 serviced apartments in Damac Maison.
The tower is currently under construction and once completed by the end of 2015, will provide enviable views of the world's tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, the Dubai Mall.
According to figures, Burj Khalifa area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).
Paramount Hotels and Resorts is the official licensee of Paramount Studios. With The Godfather, Breakfast at Tiffany’s and Titanic, Paramount Pictures has become synonymous with entertainment and above all creativity. However, The Paramount will have no investment in the scheme, but Paramount Hotels & Resorts, a hotel chain registered in Dubai in 2012, has signed a licensing agreement to use the film giant's name to brand its hotels.
The project announcement came yesterday at ITB in Berlin, the world’s leading travel and hospitality event.
“We have been saying for a while that the luxury serviced hotel apartments sector is set to drive the resurgence of 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,” Al-Chaar added .
According to the statement, the hotel and one, two and three bedroom serviced residences in the ‘mixed tower’ will be managed by Paramount Hotels and Resorts, whereas the one-, two- and three-bedroom serviced hotel residences as well as the ultra luxurious penthouses in the other three towers will be managed by Damac Maison, the hospitality division of Damac Properties.
“The project will include a series of dynamic and sensory experiences that live up to our mantra of producing hospitality that is unmistakable. The guests in our audience will be led on a journey that delights the eyes and engages the emotions,” said Thomas van Vliet, CEO, Paramount Hotel & Residences.
