Damac Properties said on Sunday it has launched its latest hospitality project in collaboration with Paramount Hotels & Resorts.
The Dubai-based developer announced the launch of the Paramount Residences at the Paramount Tower Hotel & Residences, an 826-key luxury hotel and hotel residences tower on Sheikh Zayed Road.
Damac said construction work is already underway, with completion scheduled for the third quarter of 2019.
Prices for the hotel residences, which will be located on the 36-64th floors, will start at AED1,800 ($490) per square foot, the statement said.
The 64-storey project will offer a sky lobby with views across the Burj area, a private Paramount Pictures screening room, a rooftop infinity swimming pool with a terrace and a fitness and wellness centre with spa.
"As the number of tourists to Dubai continues to outpace most of the world, there is a huge demand for quality, stylish and luxury living experiences, both with hotels and the high-end hotel apartments sectors," said Ziad El Chaar, managing director, Damac Properties.
"Paramount Tower Hotel & Residences will bring to life the Hollywood glamour and California cool lifestyle synonymous with Paramount Pictures in an environment which is stylish and aspirational."
Damac Properties has a number of projects under construction with Paramount Hotels & Resorts across the Middle East, including Damac Towers by Paramount Hotels & Resorts - a four tower project in the Burj Area which is due to open in the last quarter of 2016; Damac Tower by Paramount Hotels & Resorts in Riyadh, Saudi Arabia; Paramount Hotel Jumeirah Waterfront in Maritime City, Dubai and serviced villas within the company's Akoya by Damac golf community.
"This sleek new addition to our portfolio will be the hot spot of this buzzing metropolis - boasting artistically infused exquisite design, with a premium on service," said Paramount Hotels & Resorts' CEO, Thomas Van Vliet. "This will be our boutique signature that reflects the infectious energy of Dubai."
The Paramount Tower Hotel & Residences also includes entertainment and dining options on the podium levels, with two restaurants, a cinema modelled after the professional screening rooms of Paramount Pictures, luxury shops, art galleries and an all-day kid's studio club.
Damac said that as of the end of Q1, it has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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