(Correction: Paramount Hotels & Resorts in the first paragraph)
Damac Properties, the renowned Dubai property developer has entered into a partnership with Paramount Hotels & Resorts to develop and operate a US$1 billion or 3.67 billion dirham hotel project right at the heart of Dubai.
The project is to be known as the Damac Towers by Paramount and would feature four identical towers that would have stunning views of the Burj Khalifa. The towers would have 1,400 serviced apartments, a Paramount branded hotel with 540 rooms and suites and an additional 200 residences operated by the hotel.
Work is expected to be completed by 2015. Current prices for luxury branded hotel apartments in the region range from 5,000 dirhams per square foot compared to unfinished apartments selling between 3,000 to 3,500 dirhams per square foot.
Paramount is not an investor but will only brand the development. This branding partnership includes access to Paramount movies library and access to Paramount screening room for classics.
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