Damac Properties has announced the launch of a Paramount-branded luxury tower in the heart of Saudi Arabia’s capital.
Overlooking the King Fahd Road in Riyadh, Damac Towers by Paramount Hotels & Resorts (PHR) will offer 215 units of serviced residences, from one to three-bed apartments.
The project will include a spa, high-end restaurants, a kids’ club, five-star hotel servicing and a 932 square metre penthouse on the top floors.
“We have seen a huge response from Saudi’s interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand to KSA and offer the same high standard of luxury living,” said Ziad El Chaar, managing director, Damac Properties.
The announcement comes off the back of previous Damac-Paramount collaborations in the Gulf with the partnership launching two projects in Dubai this year.
“We are delighted to be working with DAMAC Properties on a third project in the region,” said Thomas van Vliet, chief executive officer, PHR FZ-LLC.
Earlier this week Damac awarded a Dhs1 billion contract to TAV Tepe Akfen Investment construction & operations for the main construction contract for Damac Towers by Paramount Hotels & Resorts, Dubai.