Paramount Tower Hotel And Residences

DAMAC Towers from Paramount: A Fully Integrated 63-Storey Landmark

Overview of Paramount Tower Hotel And Residences

Paramount Tower Hotel and Residences stands as a premium mixed-use real estate development in the heart of Dubai. DAMAC Properties developed this iconic project, which combines upscale hotel hospitality with luxury residential living in a single tower rising over 258 meters, with a total of 63 floors above ground plus a ground floor.

The project reflects the concept of branded residences, inspired by the world of Hollywood. It seamlessly integrates the identity of Paramount Hotels & Resorts into its architecture, services, and facilities, delivering a luxury lifestyle centered on a comprehensive experience rather than just accommodation or ownership.

General Project Details

Paramount Tower Hotel and Residences includes:

• A ground floor dedicated to retail outlets
• A luxury hotel occupying floors 5 to 25, featuring hotel rooms and suites
• Residential apartments (Residences) spanning floors 26 to 63

The project offers a balanced mix of hotel and residential units, allowing investors and residents to combine refined living with potential investment returns. DAMAC delivered the project in Q3 2019 with a 100% completion rate. It is fully completed and currently available for sale.

Interior Finishes and Specifications

DAMAC TOWERS from Paramount features high-end finishes across all units:

• Kitchens: Fully equipped with modern appliances
• Furniture: All apartments come fully furnished
• Interior Design: Focuses on comfort, luxury, and privacy

Some decorative items shown in marketing materials may serve illustrative purposes only unless otherwise stated.

Location and Strategic Advantages of DAMAC TOWERS from Paramount

Paramount Tower Hotel and Residences is located in Business Bay, one of Dubai’s most vibrant and strategic districts. The location connects Downtown Dubai with major business and leisure hubs.

The tower offers panoramic views of:

• Burj Khalifa and Downtown Dubai
• Dubai Water Canal
• Palm Jumeirah and The World Islands
• Burj Al Arab

Key distances:

• 9 minutes to Dubai Mall and Burj Khalifa
• 8 minutes to Dubai World Trade Centre
• 14 minutes to Burj Al Arab
• 16 minutes to Palm Jumeirah
• 15.3 km to Dubai International Airport

Dubai as a Supportive Investment Environment

Dubai ranks among the world’s most attractive real estate investment destinations due to its strategic location between Asia, Europe, and Africa, advanced infrastructure, economic stability, and open legal framework.

According to 2021 data:

• Q3 2021 marked Dubai’s strongest quarterly real estate performance since 2009
• Property sales reached AED 104.3 billion since the start of 2021, surpassing all of 2020
• Dubai ranks among the safest cities globally and hosts residents from over 200 nationalities, driving sustained demand for residential and hotel properties.

About the Developer: DAMAC Properties

DAMAC Properties was founded in 2002 and ranks among the leading luxury real estate developers in the Middle East. The company has delivered nearly 35,000 residential units and maintains a development pipeline exceeding 33,000 units (as of June 30, 2021).

DAMAC operates across multiple countries, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Canada, the Maldives, and the UK. The developer collaborates with global brands such as Versace, Fendi Casa, Cavalli, Paramount Hotels & Resorts, Rotana, and Radisson Hotel Group.

Beyond real estate, DAMAC supports social responsibility initiatives through the Hussain Sajwani – DAMAC Foundation, including the “One Million Arab Coders” initiative.

Residential and Hotel Units in DAMAC TOWERS from Paramount

First: Hotel Units

Hotel units are located on floors 5 to 25 within the Paramount Tower Hotel and Residences. They include luxury studios and suites designed for short-term stays and long-term investment.

Hotel Unit Types and Sizes:

• Hotel Studio:
  • Internal area: 470 sq ft
  • Balcony: 50 sq ft
  • Total area: 520 sq ft
• One-Bedroom Hotel Unit:
  • Internal area: 935 sq ft
  • Balcony: 119 sq ft
  • Total area: 1,054 sq ft
• Two-Bedroom Hotel Unit:
  • Internal area: 1,282 sq ft
  • Balcony: 88 sq ft
  • Total area: 1,370 sq ft

Hotel rooms and suites feature integrated entertainment systems, home theater setups, access to the Paramount Pictures movie library, and branded beds that elevate the luxury hospitality experience.

Second: Residential Units (Residences)

Residential units extend from floor 26 to floor 63 and cater to permanent living while granting access to all hotel services and facilities.

Residential Unit Types and Sizes:

• Residential Studio:
  • Internal area: 411 sq ft
  • Balcony: 55 sq ft
  • Total area: 466 sq ft
• One-Bedroom Apartment:
  • Internal area: 837 sq ft
  • Balcony: 141 sq ft
  • Total area: 978 sq ft
• Two-Bedroom Apartment:
  • Internal area: 1,108 sq ft
  • Balcony: 214 sq ft
  • Total area: 1,322 sq ft
• Three-Bedroom Apartment:
  • Internal area: 1,475 sq ft
  • Balcony: 110 sq ft
  • Total area: 1,585 sq ft

Available Units and Prices in DAMAC TOWERS from Paramount

Residential Studios (6 units):

• Sizes: 519.69 to 520.22 sq ft
• Price: AED 1,359,750
• Average price per sq ft: AED 2,613–2,616

One-Bedroom Units (3 units):

• Sizes: 843.57 to 1,049.37 sq ft
• Prices: AED 2,098,950 to AED 2,613,450
• Average price per sq ft: approx. AED 2,488–2,490

Facilities and Services at Paramount Tower Hotel And Residences

The tower offers a full suite of premium amenities, including:

• Infinity pool at 235 meters with direct views of Downtown Dubai
• Sky Lobby
• Luxury spa and wellness center
• Fully equipped fitness center
• Fine dining restaurants and lounges managed by international chefs
• Mixologist Bar
• High-tech meeting and event spaces
• State-of-the-art wellness facilities

Investment Model and Expected Returns

Investing in Paramount Tower Hotel and Residences allows owners to join the hotel rental program with several advantages:

• Freehold ownership with individual title deeds
• No service or facility fees for hotel units
• Estimated annual returns of 5%–7% during the first five years
• Potential capital appreciation
• 14 complimentary stay nights per year for owners

Returns remain indicative and may vary based on market conditions and economic factors.

Additional Operational Information

• Service charge for residential units: AED 23.5 per sq ft
• Total built-up area: 829,346 sq ft
• Parking allocation:
  • One space for studios and one-bedroom units
  • Two spaces for three-bedroom units

Frequently Asked Questions 

What is the location of the project?

The project is located in Business Bay, Dubai.

Is the project completed and ready for occupancy?

Yes, DAMAC delivered the project in Q3 2019 with 100% completion.

Are the units fully furnished?

Yes, all units come fully furnished.

Is the project suitable for investment?

Yes, especially hotel units enrolled in the rental program with expected returns.

What is the height of the tower?

The tower exceeds 258 meters in height.

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