dubai dubaibased private developer damac properties has said it is launching phase two of a usd 1 billion project of luxury hotel and serviced residences to indian investors following a sellout event in dubai damac towers by paramount is being developed on platinum real estate in dubai overlooking the worlds tallest tower burj khalifa it comprises a 540 key paramount hotel residences and more than 1000 units of damac maison paramount hollywood movie production company cobranded serviced hotel residences developed by damac properties in partnership with paramount hotel resorts phrfzllc the project will be presented during a road show in delhi and mumbai on april 56 the response we have seen from indian investors is unprecedented indians have a deepseated love of movies and our partnership with one of the most established movie houses in hollywood has proved a big draw indian investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project ziad el chaar managing director damac properties said the one two and three bedroom serviced hotel residences will be managed by damac maison the hospitality division of damac properties serviced hotel residences will feature fullyfitted kitchens and services that also include valet parking concierge housekeeping inroom beauty treatments and 24hour kids club in addition owners can elect to add their residence in the rental pool while they are away allowing for rental returns to be generated damac properties has completed 37 buildings to date with 7817 units and spanning 13945299 sq feet