Damac unveils $1bn Dubai hotel, apartments complex
Movie-themed Damac Towers by Paramount contains four 250m-tall towers
Developer Damac has unveiled plans for a $1bn five-star hotel and branded serviced apartments within the Downtown Dubai area.
The company has signed a deal with Hollywood studio Paramount Pictures to launch a project known as Damac Towers by Paramount. The development, which is already under construction, will contain four 250m-tall towers linked by a ground floor podium.
One of the towers will contain a 540-room hotel - the first to be operated by the company - while the other three will contain up to 1,400 serviced apartments.
The complex contains a basement and ground floor with eight podium levels. The multi-level podium will feature themed restaurants, meeting & events facilities, a screening room, fitness centres, swimming pools, kids club, shops and merchandise all featuring the Paramount brand or partner brands. Each of the towers will have 56 storeys.
Piling and excavation work for the project have already been completed by National Piling Company and a tender for the main contract has already been issued, with a contractor expected to be appointed during the second quarter of 2012, senior vice-president Niall McLoughin told Construction Week.
"If you look around the whole of Dubai, Damac is working at speed with everything," he added.
The company announced the launch of the project at the travel trade show ITB Berlin.
Damac managing director Ziad El Chaar 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 building is set to complete by 2015, and Damac said that it will provide enviable views of the nearby Burj Khalifa.
“We have been saying for a while that the luxury serviced hotel apartments sector is set to drive the resurgence in the Dubai property market, and ‘DAMAC Towers by Paramount’ is the realisation of that prediction. The project provides a unique opportunity for both the end-user and the investor,” added Al Chaar.
Thomas van Vliet, chief executive officer PHR FZ-LLC, which has licensed the Paramount brand for the development, said: "DAMAC Towers by Paramount 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. We are thrilled to be partnering with DAMAC Properties on this mega project and sharing this exciting news today.”