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US$1.3 billion DAMAC Towers by Paramount Hotels & Resorts Dubai - Where the film-star lifestyle meets five-star hospitality
Dubai, United Arab Emirates - DAMAC Properties, one of the region's largest luxury real estate developers, has announced that its luxury hotel and serviced residences, DAMAC Towers by Paramount Hotels & Resorts, located in Dubai's Burj area, is topped out.
At the opening of the 2016 Arabian Travel Market (ATM) in Dubai, executives announced that in addition to this project milestone, the façade work of the US$1.3 billion four-tower complex is at 60% completion. The interior fit out is progressing by the day with a significant acceleration in construction in recent months.
DAMAC Towers by Paramount Hotels & Resorts is currently one of the single largest projects under construction in Dubai. The towers, expected to be completed in 2017, will each stretch more than 250 metres into the air, with 10 podium levels and 58 additional storeys. The total number of floors in the development and combined height of the four towers will exceed those of the Burj Khalifa, the world's tallest tower.
Developed by DAMAC Properties in collaboration with Paramount Hotels & Resorts, the project offers an ambience and reflection of the Hollywood glamour and California lifestyle, synonymous with the Paramount Pictures Studio over the past 104 years.
Speaking on the occasion, Ziad El Chaar, Managing Director, DAMAC Properties, said: "Today is a significant breakthrough for this project and we are pleased with how construction at DAMAC Towers by Paramount Hotels & Resorts is progressing."
"The 1,200 luxury serviced residences in three of the towers will offer luxurious living with a Hollywood flavour. The fourth tower, the Paramount Hotel, will house more than 800 rooms and suites. When the residences are handed over, they will offer contemporary and stylish facilities with a host of amenities to enjoy, including a high-end shopping destination at owners' doorsteps as well as the finest luxury service standards."
He added: "It is with great enthusiasm that we look forward to completing this exciting and iconic project which will bring the first-of-its-kind branded product offering to Dubai investors, residents and visitors alike."
Ghassan Aridi, Chairman, Paramount Hotels & Resorts, was present at the topping out ceremony and commented: "We are very excited to be here today to mark what is the most significant milestone in the project, apart from its completion, with the towers having reached their full height. This is a much-anticipated achievement for us, as it will be the world's first-ever Paramount Hotel and Paramount Residences, and it will also represent the premiere of the Paramount Hotels & Resorts brand in the UAE."
Aridi added: "Dubai has built a reputation as a leisure destination, with impeccable service standards and lifestyle offering. DAMAC Towers by Paramount Hotels & Resorts will seamlessly combine the timeless Hollywood glamour of the movie industry with Dubai style."
Paramount Hotel includes an impressive lobby with a coffee lounge and chocolaterie. Like a jewel in the crown, it also includes a spectacular reception area, featuring 360-degree floor-to-ceiling digital walls, which makes you feel like a movie star.
The project provides a wide range of restaurants set within a cinematic environment, which also comprises of a Lebanese-style restaurant, a Californian-styled restaurant, as well as a gourmet grocer and deli.
Reassuring signatures of the Paramount Pictures brand include access to the extensive Paramount Pictures movie library, a private screening room and creative usage of transformational elements, such as digital signage, media mapping and lighting effects with accents of local colour throughout the public areas.
DAMAC Properties has numerous projects with Paramount Hotels & Resorts across the region. In addition to DAMAC Towers by Paramount Hotels & Resorts, the companies are also collaborating on the Paramount Hotel Dubai Jumeirah Waterfront, Paramount Tower Hotels & Residences Dubai, DAMAC Tower by Paramount Hotels & Resorts Riyadh, Saudi Arabia, and DAMAC Villas by Paramount Hotels & Resorts in the AKOYA by DAMAC master development off of Umm Suqeim Road in Dubai.
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Further information is available at www.damacproperties.com
About DAMAC Properties:
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.
As of 31st December 2015, DAMAC Properties has delivered over 15,500 homes and has a development portfolio of over 40,000 units at various stages of progress and planning. Included are more than 13,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.
With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.
Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.
About Paramount Hotels & Resorts:
PHR FZ-LLC, established and registered in Dubai in 2012, secured an exclusive, long-term agreement with Paramount Licensing Inc., the licensing division of Paramount Pictures Corporation, to establish a chain of Paramount-branded hotels, resorts and residences. While not an investor, Paramount oversees the creation of this exciting new hospitality concept. PHR FZ-LLC, headquartered in Dubai, is a luxury lifestyle hospitality company that celebrates the power of creativity in all its form - design, service, entertainment, technology, accommodation, cuisine, meetings and events, and wellness and fitness, to meet the needs of the new creative spirits of discerning luxury travelers.
For more information, please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com
© Press Release 2016
