DAMAC expands deal with Paramount Hotels & Resorts

20/10/2014 07:24 AST

Luxury real estate developer, DAMAC Properties has signed an exclusive deal with Paramount Hotels & Resorts (PHR FZ-LLC) to expand its branded hotels and serviced living concepts to new cities around the region.

The hotels and 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 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 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, MD, 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,” he added.

Ghassan Aridi, chairman, Paramount Hotel & Resorts, 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.

Saudi Gazette