Hollywood is on its way to the UAE following an announcement by Damac Properties to launch a new five-star hotel and serviced apartments in collaboration with Paramount Pictures.
‘Damac Towers by Paramount’ will be the movie company’s first foray into the accommodation industry, with the development incorporating more than 1,400 units of serviced hotel residences.
The $1 billion project will be located in the heart of Downtown Dubai and is expected to be completed by the end of 2015.
Ziad El Chaar, Damac’s managing director, 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 Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”
The development will be made up of four towers – one comprising the hotel with the remaining three housing serviced apartments – brought together by a multi-level plaza that will appropriately include a screening room.
“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced,” said Thomas van Vliet, CEO, Paramount Hotels and Resorts (PHR).
“The hotels, resorts and residences produced by PHR will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” he added.
A recent report by Knight Frank revealed that Dubai projects tied in with luxury brands demand nearly 60 per cent more value than non-branded projects in the same area.
The report added that: ‘it seems likely that as global wealth creation expands, the demand for high-quality, branded residential developments in key global centres will undoubtedly rise.’
Luxury branded hotel apartments in Dubai can attract prices in the region of Dhs5,000 per sq. ft. compared to ordinary unfinished apartments in the same area attracting Dhs3,000-3,500 per sq. ft.