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Damac Properties has signed an exclusive deal with Paramount Hotels and Resorts (PHR) to develop more hotels and serviced residences in other cities in the region. The hotels and serviced residences will be launched over the next five years in Dubai, Abu Dhabi, Jeddah and Istanbul.
The new agreement is a major expansion on the current deal, which has already seen four projects announced in Dubai and Riyadh.
The project will be reflective of the style and ambience of the Hollywood movie studio, Paramount Pictures, which has produced more than 3,000 movies over the past 103 years.
“Damac Properties is delighted to be extending its exclusive agreement with PHR — 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 of Damac Properties.
“From our initial announcement in March last year, the Paramount Hotels and 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 PHR on a four-tower hotel and serviced residences project in Dubai’s Burj Area.
During last month’s Cityscape Global, Damac announced the Paramount Hotel Dubai, a 1,250-key hotel located just off Shaikh Zayed Road in Downtown Dubai. It will open in 2018.
“The reception to the PHR-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,” said Ghassan Aridi, Chairman of Paramount Hotel and Resorts. “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.”
Dubai recently became the fifth favourite hotspot for global travellers, jumping ahead of New York and other popular cities in Europe, according to MasterCard’s Global Destination Cities Index, which expects around 12 million international visitors in Dubai this year, a 7.5 per cent increase from last year.
The lack of hotel rooms in the emirate will soon be over. Also, see this story: Damac brings out hotel units at Akoya Drive in Dubai
Source: Property Weekly