Dubai-based developer Damac Properties is to expand its deal with Paramount Hotels & Resorts to develop more branded hotels and residences across the Middle East.
The partners already have four projects being developed in Dubai and Saudi Arabia, including Damac Towers by Paramount Hotels & Resorts and Paramount Hotel, Jumeirah Waterfront.
The new agreement expands on the current deal and will see hotels & serviced residences launched over the next five years across Dubai, Abu Dhabi, Jeddah and Istanbul.
Each project will incorporate elements that reflect the Hollywood studio, Paramount Pictures.
| Advertisement |
Damac Properties managing director Ziad El Chaar said the deal would allow the companies to being the bring the brand to more premium locations. “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,” he added.
“We are pleased that in the coming years we will be able to expand this concept to many new markets.”
During the recent Cityscape Global event in Dubai last month, Damac announced it is to build the Paramount Hotel Dubai, Downtown, a 1250-key hotel with luxury rooms and suites, located just off Sheikh Zayed Road. It is set to open in 2018.
Other ongoing projects include Damac Villas by Paramount Hotels & Resorts, in Dubai’s Akoya by Damac development, as well as Damac Tower by Paramount Hotels & Resorts, a serviced hotel apartments project on King Fahd Road in Riyadh.
Paramount Hotel & Resorts chairman Ghassan Aridi said: “The reception to the Paramount Hotels & Resorts-branded hospitality concept has been overwhelming and when it came to expanding the brand further, there was no question that we should do so in partnership with Damac Properties.
“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.”
Search our database of more than 2,700 industry companies
