Damac Properties, a Dubai-based developer launched a $1 billion hotel and branded serviced apartment project in Downtown Dubai, a master development that has seen the maximum project launches to date this year in the emirate.
The developer, in a statement, said the project, christened Damac Towers by Paramount, is being developed in collaboration with Paramount Hotel & Resorts, the official licensee of Paramount.
The four tower project, with each tower rising over 250 meters, will comprise 540 room Paramount Hotel & Residences and over 1,400 serviced apartments in Damac Maison.
The announcement follows the developer's launch of the two towers in Dubai and Riyadh last month which are being built in partnership with Italy's Fendi Group. The new project, which is currently under construction, will be completed by end of 2015, according to the developer.
Emaar Properties, the master developer, has already announced three projects – mostly serviced apartments, in Downtown Dubai.
Announcing the launch of the project at ITB Berlin, a leading travel trade show, Ziad El Chaar, Managing Director, Damac Properties, said: "The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. 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 four towers will have a common multi-level plaza that will offer a selection of themed food and beverage concepts, a screening room, wellness and fitness centers, swimming pools, kids club, retail and merchandise all featuring the Paramount brand or select partner brands.
One tower will comprise the Paramount Hotel & Residences while the remaining three towers will have part of the Damac Maison.
Thomas van Vliet, Chief Executive Officer, Paramount Hotel & Residences said: "The project 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."
Damac Towers by Paramount will showcase authentic California lifestyle, the glamour of Hollywood, and be conceived as a "major release" by a team of uniquely creative people, working together in a uniquely creative process.
Reassuring signatures of the Paramount brand, including access to the Paramount movies library, a Paramount screening room and creative usage of the transformational elements like digital signage, media mapping and lighting effects throughout the public areas will be complemented by accents of local color.
The hotel with the serviced residences will be managed by Paramount Hotels and Resorts, while the three remaining towers will be managed by Damac Maison, the hospitality division of Damac Properties.
Luxury branded hotel apartments in Dubai are attracting prices in the region of Dh5,000 per square feet compared to ordinary unfinished apartments in the same area attracting Dh3,000-3,500 per square feet, the developer claimed.