Damac Properties has launched a new luxury hotel living development in the Burj area of Dubai.

Privé by Damac consists of two 30-storey buildings located on one of the last remaining plots located directly on the waterfront. The twin tower development includes studio, one-bedroom and two-bedroom serviced hotel apartments.

The property caters to the growing number of international investors looking at the Dubai market. According to data released by STR Global, Dubai’s hospitality sector saw a 30.4 per cent increase in demand, with only 5.81 per cent growth in supply. Occupancy rates in the city have risen from 23.6 to 72.6 per cent.

The five-star hotel will be managed by Damac Maison. Its amenities include a spa, high-end restaurants, meeting spaces and kids club. When owners are not staying in their units they can add them to the hotel’s rental pool.

Privé is scheduled to be completed in the third quarter of 2016.