Damac Properties will also develop Dubai?s first serviced villas in partnership with Paramount at Akoya in Dubai.
Damac Hospitality is gearing up to open its first managed hospitality project under its Damac Maison brand in Downtown Dubai by the end of the year.
The Signature, a 50-story hotel apartment development adjacent to The Dubai Mall, will be the first of a total of 14 projects scheduled to open by the end of 2016, comprising 7957 serviced hotel apartments.
This will be followed by The Distinction and Upper Crest, also in Downtown Dubai and part of the Damac Maison management brand, a subsidiary of Damac Hospitality.
| Advertisement |
By the end of 2014, eight projects will be in operation, according to Damac Properties managing director Ziad El Chaar.
“Our offering is unique. Owners of properties within the DAMAC Maison range can enjoy the luxury service provided to residents, or submit their apartment to a rental pool during the periods they are not using it. The apartment ‘pool’ is then serviced and managed by DAMAC Maison in much the same way as a five-star hotel with returns proportioned accordingly,” he said.
The company has signed several additional hotel projects this year in high-profile partnerships with Fendi Casa and Paramount.
Damac Exclusiva is under development in Riyadh with interiors by Fendia Casa and will be managed by Damac Maison.
A US$1 billion hotel and luxury serviced residences in the Burj Khalifa area of Dubai, called ‘DAMAC Towers by Paramount’, will comprise the first Paramount Hotel & Residences in the region. A second Paramount Hotel has also been signed for Jumeirah Water Front.
Search our database of more than 2,700 industry companies
