DAMAC Properties, Dubai’s leading luxury real estate developer, has announced its latest hospitality project in collaboration with Paramount Hotels & Resorts.
The company has launched ‘Paramount Residences at the Paramount Tower Hotel & Residences’, an 826 key luxury hotel and hotel residences tower on Sheikh Zayed Road. The 64-storey project will offer a sky lobby with views across the Burj area, a private Paramount Pictures screening room, the most picturesque rooftop infinity swimming pool overlooking the Downtown area with a terrace and a Fitness & Wellness Centre with a state-of-the-art Spa.
Construction work on Paramount Tower Hotel & Residences is already underway, with completion scheduled for Q3 2019. Prices for the hotel residences, which will be located on the 36-64th floors, will start at AED 1,800 per sq ft.
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, KSA; Paramount Hotel Dubai Jumeirah Waterfront in Maritime City and serviced villas within the company’s AKOYA by DAMAC golf community.
The selection of hotel rooms and suites are uniquely designed with reflections of the renowned Paramount Pictures brand throughout. Each fully furnished unit includes access to a film library of over 3,000 titles and offers tasteful décor and luxurious fittings to create a truly individual living environment.
The residences have separate living and dining areas combined with Paramount Hotels & Resorts’ amenities and service. Units are available in one, two and three bedroom options, in addition to two exclusive penthouses.
The Paramount Tower Hotel & Residences also includes entertainment and dining options on the podium levels, with two contemporary and timeless restaurants, an intimate cinema modeled after the professional screening rooms of Paramount Pictures, luxury shops, art galleries and an all-day kid’s studio club.
Offering ever-changing light enhancements to reflect the stunning views across the city, the rooftop infinity swimming pool is one of several iconic elements in the tower. The Fitness & Wellness Centre, along with the high-tech Spa, both offer cutting-edge facilities combined with personal trainers, yoga teachers and skin-care specialists.
According to figures released by the Dubai Tourism & Commerce Marketing, Dubai’s hotel market welcomed 11.6 million guests in 2014, demonstrating a 6% growth on the previous year. Echoing this surge, Dubai International Airport welcomed more than 70 million passengers, making it the busiest international passenger airport in the world, overtaking Heathrow in the UK. Visitor numbers into Dubai are expected to double over the next five years to around 20 million, with 25 million tourists expected in 2020, when Dubai hosts the World Expo.
Much of the growth in tourism has come from emerging markets in South Asia (14% growth in visitors to Dubai), Far East Asia (13%) and Africa (11%). Dubai currently has less than 65,000 hotel keys according to research conducted by JLL, with just 28,000 rooms planned in the coming three years. Dubai Tourism and Commerce Marketing (DTCM) has stated that Dubai will require 160,000 rooms by 2020, highlighting a clear imbalance in supply and demand.
As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.