Damac signs deal to expand Paramount Hotels
Hotels and serviced residences will be launched over next five years
Damac Properties has signed an exclusive deal with Paramount Hotels & Resorts to expand its branded hotels and serviced living concepts to new cities around the region.
The hotels & serviced residences will be launched over the next five years across Dubai, Abu Dhabi, Jeddah and Istanbul.
The new agreement is a major expansion on the current deal which has already seen four different projects announced in Dubai and Riyadh.
Each project will bring to life a style and ambience reflective of the famous Hollywood movie studio, Paramount Pictures, which has produced more than 3,000 famous movies over the past 103 years.
“Damac Properties is delighted to be extending its exclusive agreement with Paramount Hotel & Resorts – a deal which will present many new and exciting opportunities to bring the Hollywood lifestyle and California cool to many more premium locations,” said Ziad El Chaar, managing director, Damac Properties.
“From our initial announcement back in March of last year, the Paramount Hotels & Resorts-branded products in Dubai and Riyadh have proved to be immensely popular with our sophisticated client base. We are pleased that in the coming years we will be able to expand this concept to many new markets.”
Damac Properties is already working with Paramount Hotels & Resorts on a four-tower hotel and serviced residences project in the Burj area of Dubai – Damac Towers by Paramount Hotels & Resorts; a private gated community in the Akoya by Damac, master development called Damac Villas by Paramount Hotels & Resorts; a beachfront hotel - Paramount Hotel, Jumeirah Waterfront; and a serviced hotel apartments project on King Fahd Road in Riyadh in Saudi Arabia, Damac Tower by Paramount Hotels & Resorts.
During Cityscape Global last month Damac Properties also announced it is to build the ‘Paramount Hotel Dubai, Downtown’ a 1,250 key hotel with luxury rooms and suites, on a plot located just off Sheikh Zayed Road in the Downtown which will open its doors in 2018.
Ghassan Aridi, chairman, Paramount Hotel & Resorts, said: “Positioned in key locations, the new developments will be a series of dynamic and sensory experiences that live up to our mantra of producing hospitality that is unmistakable, unforgettable and consequently, unmissable.”