Thursday, Mar 07, 2013
(This story was originally published Wednesday.)
DUBAI (Zawya Dow Jones)--Damac Properties and Paramount Hotels and Resorts will construct a $1 billion five-star hotel and serviced residences project in Dubai, the U.A.E.-based developer said Wednesday.
The "Damac Towers by Paramount" project comprises of a 540-key Paramount Hotel & Residences and more than 1,400 units of Damac Maison in the Burj Khalifa area of downtown Dubai, the company said in an emailed statement.
The construction is expected to be completed by the end of 2015, but the company didn't provide any financial details of the partnership.
"We have been saying for a while that the luxury serviced hotel apartments sector is set to drive the resurgence of the Dubai property market, and "DAMAC Towers by Paramount" is the realisation of that prediction," Ziad Al Chaar, Damac's managing director, said in the statement.
Damac was among the developers who suffered from a crash in Dubai's property market after the 2008 global financial crisis. But there are signs of recovery now as Dubai enjoys a rebound in trade and tourism.
Paramount Hotels and Resorts is the official licensee of Paramount Studios and its partnership with Damac is the first time the company has entered the hotel and real estate industry, according to the statement.
Write to Nikhil Lohade at nikhil.lohade@dowjones.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
07-03-13 0344GMT
