Dubai’s DAMAC has announced a new Paramount Hotels & Resorts development due to open in Riyadh, KSA by 2016.
DAMAC Towers by Paramount Hotels & Resorts is to be managed by DAMAC Maison, the group's hospitality division, with apartment owners able to enter their unit into a rental pool and earn a return on guest stays. The property will feature 215 luxury studio, one-, two- and three-bedroom apartments, as well as a 932 metre square penthouse on the top floor.
The announcement follows the launch of a similar development in Dubai earlier this year.
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DAMAC managing director Ziad El Chaar said: “We have seen a huge response from Saudi’s interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand to KSA and offer the same high standard of luxury living.”
The property is set for completion in 2016, and will be located on Riyadh’s King Fahd Road, overlooking the city’s Kingdom Tower.
DAMAC said that the project would ‘reflect Hollywood glamour and California cool lifestyle’ and will include a spa, restaurants and five-star hotel servicing.
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