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FINANCIAL NEWS
Dubai’s Damac, US Paramount launch USD1b hotel project
07 Mar 2013
(MENAFN) Damac Properties announced the launch of the USD1 billion Damac Towers by Paramount in Downtown Dubai, reported Emirates 24/7.
Managing Director, Ziad El Chaar, said that the 4-tower hotel and branded serviced apartment project is being developed with Paramount Hotel & Resorts.
El Chaar added that the height of each tower, which will include 540 room Paramount Hotel & Residences and more than 1,400 serviced apartments in Damac Maison, is 250 meters.
Furthermore, one tower will include the Paramount Hotel & Residences and will be managed by Paramount Hotels and Resorts, whereas the other three will be managed by the Damac Maison, which is the hospitality unit of Damac Properties
It is worth noting that in February, Dubai-based Damac launched 2 towers in Dubai and Riyadh, with the two projects being established in collaboration with Italy’s Fendi Group.
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