Paramount launches $1bn towers project in Dubai
Unveiled today at the ITB in Berlin, the four-tower project is to be built by Damac at a cost of $1bn. The Damac Towers by Paramount will comprise a 540-room Paramount Hotel & Residences and more than 1,400 units of Damac Maison – Paramount co-branded serviced hotel residences.
The 250-metre high towers, which will be connected by a multi-level plaza, represent Paramount’s first venture into the hotel and real estate industry. They will offer a variety of themed F&B concepts, meeting facilities, a screening room, fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands.
One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the Damac Maison – Paramount co-branded serviced hotel residences.
“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project,” said Damac Properties Managing Director Ziad El Chaar. “We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”
Damac said the towers, which are currently under construction and will be completed by the end of 2015, will provide views of the tallest building in the world, Burj Khalifa.
Established by a group of investors in Dubai last year, Paramount Hotels and Resorts has a license from Paramount to build a chain of Paramount-branded hotels and homes. The company said it plans to open as many as 50 Hollywood- and California-themed luxury hotels worldwide.
“DAMAC Towers by Paramount’ will include a series of dynamic and sensory experiences that live up to our mantra of producing hospitality that is unmistakable, unforgettable and consequentially unmissable. The guests in our audience will be led on a journey that delights the eyes and engages the emotions,” said said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.
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 penthouses in the other three towers will be managed by Damac Maison, the hospitality division of Damac Properties.