Damac US$ 1.35 bn Paramount hotels on track for speedy completion

Posted on 7th May 2015

Luxury real estate developer Damac Properties said work on its Hollywood-inspired Paramount Hotels & Resorts project in the Burj Area of Dubai, UAE, is moving forward at a good pace with 60 per cent of the superstructure already completed.

Damac Towers by Paramount

The Damac Towers by Paramount Hotels & Resorts luxury project will soar 250 meters into the air, featuring more than 1,800 units comprising 1,000 one-, two- and three-bedroom hotel apartment suites and the 800-key, five-star Paramount Hotel & Resorts Hotel, said a statement from the company.

Speaking at the Arabian Travel Market (ATM) in Dubai, executives confirmed that work has reached the 28th level, in less than two years of construction.

Development on the $1.35-billion project has been moving forward at a good pace and already the core walls at the four towers have been cast with construction moving at an average of a floor a week on each tower, they said.

Damac aims to turn the Hollywood glamour into a reality with extensive construction on its Paramount Hotels & Resorts branded projects across the region, they added.

Niall McLoughlin, the senior vice-president, said: "Damac Towers by Paramount Hotels & Resorts has seen a significant acceleration in the construction in recent months, despite the fact that the project is one of the largest and most complex in Dubai."

"The exciting development will provide a unique lifestyle bringing to life the class and style of Hollywood for the first time in the Middle East," he noted.

Damac plans to complete the four-tower luxury project next year besides three other Paramount Hotels and Resorts-branded properties which are all under development in the Gulf region, stated McLoughlin.

The Dubai developer has topped out its ambitious Damac Tower by Paramount Hotels & Resorts hotel residences project in Riyadh, Saudi Arabia, while the construction is under way on its Damac Villas by Paramount Hotels & Resorts within its Akoya by Damac master community in Dubai.

Work has also started on the Paramount Hotel, Jumeirah Waterfront in Dubai Maritime City, he added.

“Damac Towers by Paramount Hotels & Resorts is already an iconic development coming up in the Burj Area and we look forward to opening the first-ever Paramount Hotel & Resort anywhere in the region by the end of next year,” he added.

The project provides a wide range of restaurants set within a glamorous environment, including an authentic Italian restaurant.

On the ground floor is a Lebanese-style restaurant, which leads up to the Uber lounge with shisha and all day dining.

Access to the Paramount movie library of more than 3,000 films, a private screening room and creative usage of transformational elements like digital signage, media mapping and lighting effects throughout the public areas are planned along with accents of local colour.

Damac will be showcasing the latest hotel apartment projects, throughout the ATM exhibition which concludes tomorrow (May 7) at the Dubai World Trade Centre.

As of March 31, 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.

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