Dubai developer Damac Properties has announced that construction of its Paramount Hotel Dubai project is likely to start in the first half of 2015.
Damac said it is planning to float the construction works tender for the 1,250-room luxury hotel in Downtown Dubai early next year with completion slated in 2018.
Niall McLoughlin, senior vice president, Damac told Zawya Projects: "We are planning to tender the construction works for the project during the first quarter of next year, most probably in January.
"We are currently doing the concept design of the project, in collaboration, with the Paramount team. We expect to reveal the design by the first quarter of next year," he was quoted as saying.
Damac announced Paramount Hotel Dubai, Downtown in September during Cityscape Global and it is Damac's fourth project in Dubai in collaboration with the luxury hotel operator, Paramount Hotels & Resorts, the official licensee of Paramount Pictures.
Damac released its first association with Paramount Hotels & Resorts in March last year with the $1 billion Damac Towers by Paramount Hotels & Resorts.
Damac said it has delivered around 12,000 units since 2002 and currently has a development portfolio of over 39,000 units.
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