DAMAC Properties has announced its latest luxury hotel in Dubai, a fourth project in the emirate 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 honour 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. With the sales launch planned for early next year, the Paramount Hotel Dubai, Downtown will present an opportunity for investors to buy into Dubai’s 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 capitalise on revenue from the room rates when the project opens. 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. The project includes luxury serviced residences and a hotel, overlooking the Burj area of Dubai and construction is ongoing.