{"id":1004084154,"date":"2013-09-26T07:15:44","date_gmt":"2013-09-26T15:15:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004084154"},"modified":"2020-04-21T01:25:13","modified_gmt":"2020-04-21T09:25:13","slug":"damac-launches-367m-luxury-hotel-living-project-in-downtown-dubai","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/damac-launches-367m-luxury-hotel-living-project-in-downtown-dubai\/","title":{"rendered":"DAMAC Launches $367M Luxury Hotel Living Project in Downtown Dubai"},"content":{"rendered":"<p><i>By Gabriel Circiog, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/DAMAC.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004084161\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/damac-launches-367m-luxury-hotel-living-project-in-downtown-dubai\/damac\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/DAMAC.jpg\" data-orig-size=\"202,270\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"DAMAC\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/DAMAC.jpg?w=202\" class=\"alignleft size-full wp-image-1004084161\" alt=\"DAMAC\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/DAMAC.jpg\" width=\"202\" height=\"270\" \/><\/a><\/p>\n<p>Locally-based developer DAMAC Properties is launching a new AED 1.35 billion (approximately $367 million) luxury hotel living project in the Burj Area of Dubai. The 30-story development dubbed as Priv\u00e9 by DAMAC, is located on 328 feet of direct waterside frontage and will feature luxurious studios, one and two-bedroom serviced hotel apartments, offering spectacular panoramic views across the waterfront.<\/p>\n<p>Situated in the emirate\u2019s downtown district, the project is scheduled to be completed in the third quarter of 2016. Priv\u00e9 by DAMAC will be managed by DAMAC Maison, a hospitality division launched by DAMAC Properties in 2011, and will offer all the luxury services expected in a five-star hotel. The twin tower development will feature numerous amenities such as a luxury spa, numerous lobby areas with meeting space, high-end restaurants and a kids club &amp; babysitting service.<\/p>\n<p>\u201cPriv\u00e9 by DAMAC are iconic towers, with fully serviced amenities. It\u2019s one of the last prime property spots left in the Burj Area and the concept was specifically developed to create an exclusive, private space,\u201d said Ziad El Chaar, managing director at DAMAC Properties. \u00a0\u00a0\u201cFrom its excellent location and accessibility to the cosmopolitan lifestyle it affords, those who enjoy Dubai\u2019s vibrant city atmosphere will feel completely at home in Priv\u00e9 by DAMAC.\u201d<\/p>\n<p>According to the most recent report released by STR Global, Dubai\u2019s hospitality sector has seen a 5.81 percent increase in supply and a 30.4 percent surge in demand. Occupancy increased by 23.3 percent, reaching 72.6 percent.<\/p>\n<p>\u201cAs prices continue to rise in Dubai, it is a great time for investors looking for healthy returns \u2013 luxury serviced living is proving time and again to be the driving force of the real estate market. Fully-finished and serviced hotel apartment units in prime locations allow these investors to truly enjoy their assets,\u201d added El Chaar. \u2018\u2019We are introducing this product to the market on Saturday the 21st of September and we expect them to sell quickly on the back of our customer demand.\u2019\u2019<\/p>\n<p>According to the STR Global data, an 8.7 percent increase in average daily rate, as well as a 34 percent increase in revenue per available room, has been reported by hotels. The developer expects investors to invest in Priv\u00e9 by DAMAC and capitalize on the potentially impressive rental returns in this growing market.<\/p>\n<p>With 8,887 units completed to date and with a further 23,788 units at various stages of progress across the Middle East region, DAMAC Properties is continuously expanding its portfolio. Priv\u00e9 by DAMAC joins another two projects launched earlier this year by DAMAC Properties in Dubai: t<a href=\"https:\/\/www.multihousingnews.com\/news\/damac-properties-and-paramount-unveil-1b-luxury-hospitality-project-in-dubai\/1004075697.html\" target=\"_blank\" rel=\"nofollow\">he $1 billion DAMAC Towers by Paramount<\/a> \u00a0and the <a href=\"https:\/\/www.multihousingnews.com\/news\/damac-properties-launches-sea-front-hospitality-project-in-dubai-maritime-city\/1004076462.html \" target=\"_blank\" rel=\"nofollow\">sea-front hospitality project in Dubai Maritime City<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DAMAC Properties is developing a new $367-million luxury hotel living project in the Burj Area of Dubai. <\/p>\n","protected":false},"author":264,"featured_media":1004084161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21751,16,21742],"tags":[],"class_list":["post-1004084154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-hotel","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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