Film company Paramount has revealed that it is teaming up with Damac Properties to launch a hotel and serviced apartment project in downtown Dubai.

The $1bn four-tower project, The Damac Towers by Paramount, will comprise a 540-room Paramount Hotel & Residences and more than 1,400 units of Damac Maison - Paramount co-branded serviced hotel residences.

The 250-metre high towers, which will be connected by a multi-level plaza, represent Paramount’s first venture into the hotel and real estate industry. Features will include themed F&B concepts, meeting facilities, a screening room, fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands.

One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the Damac Maison - Paramount co-branded serviced hotel residences.

“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project,” said Damac Properties Managing Director Ziad El Chaar.

“We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.” Adds El Chaar.

The towers, which are currently under construction and are expected to be completed by the end of 2015, according to reports.

Paramount Hotels and Resorts was established by a group of investors in Dubai last year and has a license from Paramount to build a chain of Paramount-branded hotels and homes.

The company plans to open up to 50 Hollywood- and California-themed luxury hotels worldwide.