The Signature, Damac Properties' first hotel apartment property contains 355 serviced hotel apartments.
Damac Properties has revealed plans to develop almost 8000 serviced hotel apartments over the next three years, with 2810 serviced hotel apartments due to come online in 2013.
The Dubai based developer has revealed that the focus its development will be around the Burj Khalifa area of Dubai, a district which according to Damac attracts more than 65 million visitors a year and is where the company has chosen to locate its recently announced 540 key Paramount Hotel and Residences development.
Damac Properties managing director Ziad El Chaar said: “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. The luxury serviced hotel apartments sector is currently underserved, despite a huge desire for visitors to experience five-star services in the comfort of their own homes.”
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Last month saw the handover of Damac Properties’ first hotel apartment property, The Signature, which is also located in the Burj Khalifa area and contains 355 serviced units overlooking the world’s tallest tower.
Other projects due to be completed this year by Damac Properties include Capital Bay, The Cosmopolitan, Water’s Edge and The Vogue; with The Distinction, Upper Crest, Bay’s Edge and the Damac Towers by Paramount due to open by 2016.
In October 2011 Damac Properties launched its own dedicated hospitality division, Damac Maison, which will manage the developer’s planned 7957 serviced hotel apartments, across 8,280,507 square feet, making it one of the largest hotel apartment operators in the world.
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