Hollywood glamour and California cool will be two of the hallmarks of the new Paramount Hotels & Resorts, formed in 2012 from a brand license arrangement between Paramount Pictures and Ghassan El Aridi, a Dubai-based hotel entrepeneur. With plans for more than 50 hotel properties to be developed around the world, the first hotel and residences are now under construction in Dubai and scheduled for completion in 2016.
The new Paramount Hotel & Residences Dubai will be located in the US$1 billion project known as DAMAC Towers by Paramount, located near Burj Khalifa and the desirable Downtown mixed-use district centered around Dubai Mall and the Dubai Fountain with its spectacular water shows. DAMAC Towers by Paramount has been designed with four integrated towers, rising up to over 250 meters (820 feet) tall. In addition to the 199 hotel rooms and 442 Paramount-branded residences, the complex will also include an additional 1,400 luxury serviced apartments to be operated as DAMAC Maison, which currently operates three other high-specification properties in the emirate.
So what does a Paramount lifestyle mean for its owners? The development team assembled a creative team not unlike an award-winning film crew to conceive of the project and using Paramount’s creative process to create an inspiring and refreshing experience. Unique amenities will include a leather-walled cigar lounge, various restaurants featuring sustainable and healthy California cuisine, luxury shops and temperature-controlled swimming areas perfect for poolside lounging. And yes, naturally, there is a professional screening room where residents can enjoy the latest releases or Paramount’s classics like “Breakfast at Tiffany’s” or “The Godfather.”
The residences range from one- to four- bedroom layouts, all with private balconies. Initial pricing started from US$545,000, or around US$750 per square foot, which is in line with the area’s other top developments. When not in residence, unit owners have the option of having them rented by the hotel according to a revenue-sharing agreement.
We see a bright future for the Paramount brand in the residential sector, as the films create visceral connections with consumers from 100 years of moviemaking. The second property has already been announced, located on the beaches of China’s Hainan Island. But for now, we will revel in DAMAC Towers by Paramount, taking its place on the dramatic Dubai stage.