Renderings of the Paramount Hotel Dubai (top left and bottom) and of the Paramount Resort Boao in China (top right and far right), the first two properties to be signed by Paramount Hotels and Resorts. Renderings of the Paramount Hotel Dubai (top left and bottom) and of the Paramount Resort Boao in China (top right and far right), the first two properties to be signed by Paramount Hotels and Resorts.

PARAMOUNT HOTELS AND RESORTS PIPELINE

  • Paramount Hotels and Resorts (PHR-FZ-LLC) was established in March 2012 in Dubai following an exclusive, long-term agreement with Paramount Licensing Inc., the licensing division of Paramount Pictures Corporation, to establish a chain of Paramount-branded hotels and residences worldwide.
  • The first management agreement was signed in February 2013, a mega mixed-use development with 2148 keys located in Downtown Dubai and called DAMAC Towers by Paramount Hotels & Resorts Dubai and including the 753-key Paramount Hotel Dubai. This was followed by the signing of a 508-key all-suite resort located in Boao on Hainan Island in the south of China, and which will operate under the name Paramount Resort Boao.
  • Two more projects were added in Dubai, one called DAMAC Villas by Paramount Hotels & Resorts Dubai, with 163 keys and part of the Akoya Project launched by DAMAC Properties and one called Paramount Hotel Jumeirah Waterfront, with 276 keys.
  • In May this year, Paramount also signed a 235-key serviced residences project in Riyadh, located opposite the Kingdom Tower along King Fahd Street.
  • The “brand DNA” is 95% complete, so the current focus is on development, fulfilling obligations towards owners and developers and the technical services agreements already signed, and establishing a strong team.
  • Van Vliet is currently negotiating management agreements for hotels located in China, South Korea, Vietnam, Thailand, Singapore, India, Oman, UAE, Saudi Arabia, Qatar, Turkey, UK, Dominican Republic and Brazil.
  • Paramount Hotels and Resorts is registered in Dubai, but is “definitely a global brand”, with Van Vliet expecting to sign deals beyond the Gulf by early 2014.

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