Damac Properties has opened Damac Maison, Dubai Mall Street, its first luxury hotel apartment property, featuring new spa brand Chrysalis and restaurant Maison Café.
The property is fully sold, with half of the apartments in a rental pool run by Damac Maison. Hotelier takes a tour to find out how the company plans to drive returns for its owners
Following fast in the footsteps of Dubai developers that have rolled out hospitality businesses and at the same time, capitalising on the demand in Dubai for high-end hotel apartments, is Damac Maison — the hotel services arm of Damac Properties, a residential, leisure and commercial developer in Dubai and the Middle East established in 2002.
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The hospitality arm was launched in October 2011 and on December 30, the debut property opened — Damac Maison, Dubai Mall Street, the first of 7351 serviced hotel apartments Damac Properties is developing in Dubai.
This year alone, three more serviced apartment projects will open in close proximity, all with the enviable address of being in the heart of Downtown Dubai, near Burj Khalifa, Dubai Mall, Souk Al Bahar and DIFC, and all in the luxury segment.
The luxury focus is at the core of the Damac Maison brand, with Damac Properties managing director Ziad El Chaar asserting that “we want to create a home away from home where our guests can relax and enjoy the service expected in a five-star hotel within the comforts of a serviced apartment”.
The brand model is also somewhat different from the branded hotel apartments already operating here.
Every apartment at Damac Maison, Dubai Mall Street is sold, with owners opting to either live in, place the apartment in a long-term 12-month rental or hand it to Damac Maison to operate within a rental pool for a short period, enabling the owner to still use the apartment during periods they are in the city.
It’s a flexible arrangement, aimed at offering investors an attractive return. As of mid-February, almost 50% of the units at the property had been entered into the pool — “an encouraging percentage”, according to Damac Holding Co. LLC vice president corporate communications Raed Gerges.
As the debut property for the group, it is to be expected that Damac Maison, Dubai Mall Street encompasses the full range of luxury facilities, from the Chrysalis Spa, featuring high-tech equipment not seen elsewhere in Dubai, to Maison Café, a restaurant on the ground floor that also retails a selection of high-end grocery items.
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