RIYADH — DAMAC Properties, the Middle East's largest luxury private developer, has announced the launch of a Paramount Hotels & Resorts-branded serviced residences tower in Riyadh, Saudi Arabia. The announcement comes on the back of the successful launch of two Paramount Hotels & Resorts-branded projects in Dubai, UAE–DAMAC Towers by Paramount Hotels & Resorts Dubai PHR FZ LLC, a luxury hotel and residences project in the Burj Khalifa area of Dubai and Paramount Hotel Jumeriah Waterfront just off Sheikh Zayed Road. DAMAC Towers by Paramount Hotels & Resorts, Riyadh, will reflect the Hollywood glamor and California cool lifestyle and include a spa, high-end restaurants and five-star hotel servicing. Investors can also enter their unit into a rental pool, fully managed by DAMAC Maison, the luxury hospitality division of DAMAC Properties, and earn impressive rental returns on their residence. “This new Paramount Hotels & Resorts-branded project in Riyadh offers a contemporary and highly refined design which brings the flavor of the movies to luxury serviced living,” said Ziad El Chaar, Managing Director, DAMAC Properties. “We have seen a huge response from Saudis 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 project is strategically located in the heart of the Saudi capital, on the King Fahd Road, overlooking Kingdom Tower. The 215 units of luxury-serviced residences are available in studios, one-, two- and three-bedroom residences, with a stunning 932 square meter penthouse on the top floors. “We are delighted to be working with DAMAC Properties on a third project in the region,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC. “Clients can expect the highest standard of services and customer care –elements which are at the heart of our promise to deliver experiences which are unmistakable, unforgettable and consequentially unmissable.” Earlier this week DAMAC Properties awarded a AED one billion contract to TAV Tepe Akfen Investment construction & operations for the main construction contract on DAMAC Towers by Paramount Hotels & Resorts. Enabling work has already been completed and TAV are mobilizing to the site to start the construction work. The luxury-serviced residences in DAMAC Towers by Paramount Hotels & Resorts, Riyadh will be managed by DAMAC Maison, the luxury hospitality division of DAMAC Properties and will feature fully-fitted kitchens in addition to services that also include valet parking, concierge, housekeeping, in-room beauty treatments and kids club. In addition owners can elect to add their residence in the ‘rental pool' whilst they are away from the property, allowing for rental returns to be generated. The tower will sit next to DAMAC Esclusiva, a 150-meter high tower, which will provide refined luxurious interiors by the Italian fashion house FENDI Casa. Both state-of-the-art projects are currently under construction and set to be completed in 2016. DAMAC Properties has completed 8,890 units to date spanning 9,070,264 sq. ft. it also has a further 19,136 units at various stages of progress across the Middle East region covering 23,816,070 sq. ft. out of which 5,193 units will be completed this year. — Agencies
