DAMAC Properties developing 8,000 serviced hotel apartments
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Dubai’s drive to see 20 million tourists visiting the Emirate by 2020 will see the current hotel capacity reached within just three years, said senior executives from DAMAC Properties.
DAMAC Properties is developing almost 8,000 luxury serviced hotel apartments over the next three years, in addition to the Paramount Hotel, Dubai to cater to increased demand.
“Even with more hotels coming online in the next few years, Dubai’s exponential growth as an attractive global tourist and business destination will see demand exceed supply by 2016,” said Ziad El Chaar, managing director, DAMAC Properties.
Other projects to be completed this year by DAMAC Properties include Capital Bay, The Cosmopolitan, Water’s Edge and The Vogue. The Distinction, Upper Crest, Bay’s Edge and the iconic DAMAC Towers by Paramount are also set to open by 2016.
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