Dubai gets its second Paramount Hotel
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DAMAC Properties announced its fourth project in Dubai in collaboration with Paramount Hotels & Resorts. The new 1,250 luxury rooms and suites – ‘Paramount Hotel Dubai, Downtown’ will showcase Hollywood elegance through media mapping and digital signage.
Concept design of the project will be developed just off Sheikh Zayed road and is already underway with the hotel set to open its doors in 2018.
“The number of visitors to Dubai is set to double in the next six years and the Paramount Hotel Dubai, Downtown will support the growth with a high-end, theatrical and immersive experience for international tourists,” said Ziad El Chaar, managing director, DAMAC Properties.
With the sales launch planned for early next year, the Paramount Hotel Dubai, Downtown will present an opportunity for investors to buy into Dubai’s tourism market, which is set to exceed 20 million tourists by 2020.
The hotel rooms will be made available for investment during the build phase of the project. According to latest figures release by Department for Tourism and Commerce Marketing (DTCM), hotels in Dubai welcomed more than 5.8 million tourists in the first half of 2014, which is a record half-year record for the emirate.
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