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Dubai: Damac Properties has expanded the terms of its agreement with Paramount Hotels & Resorts to additional cities in the region. This paves the way for the brand to make its debut in Abu Dhabi, Jeddah and Istanbul in the next five years, apart from the four projects announced earlier for Dubai and Riyadh.
“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,” said Ziad Al Chaar, Managing Director, Damac Properties.
During Cityscape Global last month, the developer had announced it is to build the Paramount Hotel Dubai, Downtown, a 1,250-key hotel which will open in 2018.
“As tourism continues to grow here, it will have a positive impact across a wider area, including Abu Dhabi, Saudi Arabia and the region, making this agreement with Paramount Hotels & Resorts a key strategic growth plan for the company,” said Al Chaar.
According to Gassan Aridi, Chairman of Paramount Hotel & Resorts, “The reception to the 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.”
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Source: Staff Report