Dubai-based Damac Properties, one of the largest luxury property development companies in the Middle East, has announced its fourth project in Dubai, UAE, 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.

The concept design of the project, which will be developed on a plot located just off Sheikh Zayed Road in the Downtown area, is already under way with the hotel set to open its doors in 2018.

“The number of visitors to Dubai is set to double in the next six years and the new hotel will support the growth with a high-end, theatrical and immersive experience for international tourists,” said Ziad El Chaar, managing director, Damac Properties. “Our current projects under development with Paramount Hotels & Resorts have proved immensely popular and there is clearly a high demand for unique and luxurious hotel accommodation in Dubai.”

The sales launch is planned for early next year. 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.

The two companies are also collaborating on a beach-front hotel, Paramount Hotel Dubai, Jumeirah Waterfront; serviced villas in Akoya, namely Damac Villas by Paramount Hotels & Resorts; and Damac Towers by Paramount Hotels & Resorts, a serviced hotel apartment project on King Fahd Road in Riyadh, Saudi Arabia.- TradeArabia News Service