YOUR GUIDE TO SMARTER, HIGHER-EARNING PROPERTY MANAGEMENT
Paramount Tower Hotel & Residences, Business Bay
A DAMAC-developed hotel and residential tower in Business Bay, operated in partnership with Paramount Hotels & Resorts, with a separate freehold apartment component: location, unit types and honest Airbnb income potential from Royale Stays.
Floors
63-66*
Developer
DAMAC Properties
Unit Types
Studio-3BR
Completed
2021
Area
Business Bay
*Sources report the storey count differently; range shown rather than a single unverified figure.
About Paramount Tower Hotel & Residences
Paramount Tower Hotel & Residences is a single-tower development in Business Bay, developed by DAMAC Properties in brand partnership with Paramount Hotels & Resorts. Construction began in 2016 and the tower was completed in 2021, opening to guests and residents in early 2022. Sources report the building's height consistently as 258 metres, though the exact storey count varies by source (63, 64, 65 and 66 storeys have all been cited), so this guide states a range rather than a single unverified figure. The architect on record is LACASA Architects & Engineering Consultants.
The tower combines two components under one roof: a Paramount Hollywood-themed hotel occupying the lower-to-mid floors, and privately-owned, freehold residential apartments on the upper floors, sold and rented individually through the open market. The two components are operated separately, and this guide focuses on the freehold residential apartments, not the hotel's own rooms. Some property portals list this building under the alternate name "Paramount Hotel Midtown", which is the same building, not a different one.
This building is easily confused with a different DAMAC development sharing part of the name: DAMAC Towers by Paramount, Business Bay is a separate complex of four towers (A-D), each 68 storeys and around 270 metres tall, also in Business Bay and also developed with the Paramount Hotels & Resorts brand, but completed roughly two to three years earlier. The two developments are distinct buildings with different floor counts, different completion dates, and different unit inventories: this guide covers only the single-tower Paramount Tower Hotel & Residences.
Location & Nearby Landmarks
Paramount Tower Hotel & Residences sits in Business Bay, on the second line back from Sheikh Zayed Road, within walking distance of the Dubai Canal and around fifteen minutes on foot from Burj Khalifa and Downtown Dubai. For the full picture of how Royale Stays manages Airbnb properties across the wider area, see the Royale Stays Business Bay Airbnb management guide.
Business Bay has one of the largest clusters of Building Guides Royale Stays has published so far. For nearby comparisons within the same area, see the guides to DAMAC Towers by Paramount, Business Bay (the separate four-tower development covered above), Millennium Binghatti Residence, and Zada Tower, Business Bay.
Unit Types
The residential floors offer studio, one, two and three-bedroom apartments. Current portal listings show studios running roughly 520 to 600 square feet, one-bedroom units roughly 680 to 1,230 square feet, two-bedroom units roughly 1,120 to 1,570 square feet, and three-bedroom units roughly 1,560 to 2,080 square feet, ranges combined from multiple current listings rather than a single developer-published spec sheet, since individual unit sizes vary by floor and layout within each configuration. No floor-plan diagrams are included here: floor plans are typically the developer's or broker's proprietary material and have not been independently verified for this guide.
Amenities
Shared amenities at Paramount Tower Hotel & Residences include a rooftop infinity pool with skyline views, a spa with sauna and steam facilities, a fitness club, a Paramount Pictures-themed screening room, and a children's centre, based on the development's own promotional material and current portal listings. Owners and prospective renters should confirm current on-site facilities directly with the building's management, since amenity offerings can change over time, and since hotel and residential floors may have different access arrangements to some facilities.
Transportation & Access
Paramount Tower Hotel & Residences has direct access to Sheikh Zayed Road, connecting to Downtown Dubai, DIFC and the wider city. Royale Stays has not confirmed the exact walking distance from the building to the nearest Dubai Metro station, so this guide does not state a specific figure.
Rental & Price Trends
Royale Stays has not yet compiled Paramount Tower Hotel & Residences-specific market data covering long-term lease rents or service charges in this pass, so no building-specific figures are stated here rather than an invented estimate. Owners considering a unit at this building can run their own numbers through Royale Stays' Dubai property ROI calculator for a unit-specific estimate instead.
Airbnb / Short-Term Rental Income Potential
Because Paramount Tower Hotel & Residences includes an operating hotel component, the permit process for an individual freehold apartment owner works differently from a purely residential tower. Royale Stays cannot apply for a DTCM holiday home permit directly as an outside operator in a hotel-branded building: instead, the building's own management company arranges the permit once Royale Stays reaches out on the owner's behalf. This routing does not rule out short-term letting at this building; it simply means the process goes through the building's management company rather than a standalone owner application. Royale Stays' guide to the Dubai holiday home permit covers what the process and fees generally involve.
Public listings for this building show a mix of resale, long-term rental, and serviced-apartment/corporate-housing platforms, including individual apartment listings on Booking.com, a signal of independently-managed freehold units rather than the hotel's own room inventory. This is a genuine, if not yet fully confirmed, short-term rental signal for the residential floors specifically. Royale Stays does not currently have booking data specific to this building to draw on, so this guide does not present a building income figure it cannot support.
For an owner weighing whether Airbnb makes sense for a unit at Paramount Tower Hotel & Residences, the practical starting points are confirming the short-term letting policy with the building's management company, initiating the DTCM permit process through that same route, and pricing the unit against comparable Business Bay listings. Royale Stays manages the full furnishing, photography, pricing, check-in and guest communications process for owners who prefer not to handle it directly, as part of the wider Royale Stays Dubai Airbnb management service. Owners ready to move forward can submit their property for a management review to get a clearer read on its Airbnb potential.
Royale Stays does not yet have Paramount Tower Hotel & Residences-specific portfolio data to draw on for this guide; this section reflects the currently available public STR signal only, reviewed by Chris Veinbaums, DTCM-licensed operator.
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