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 & 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, UAE and Riyadh, KSA.
Each project will bring to life a style and ambience reflective of the famous Hollywood movie studio, Paramount Pictures, which has produced more than 3,000 famous 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, Managing Director, 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.”
DAMAC Properties is already working with Paramount Hotels & Resorts on a four-tower hotel and serviced residences project in the Burj Area of Dubai – DAMAC Towers by Paramount Hotels & Resorts, a private gated community in the AKOYA by DAMAC, master development called DAMAC Villas by Paramount Hotels & Resorts, a beachfront hotel – Paramount Hotel, Jumeirah Waterfront and a serviced hotel apartments project on King Fahd Road in Riyadh in the Kingdom of Saudi Arabia, DAMAC Tower by Paramount Hotels & Resorts.
During Cityscape Global last month DAMAC Properties also announced it is to build the ‘Paramount Hotel Dubai, Downtown’ a 1,250 key hotel with luxury rooms and suites, on a plot located just off Sheikh Zayed Road in the Downtown which will open its doors in 2018.
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. 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.”
The properties produced by Paramount Hotels & Resorts will be developed using a creative process in line with the history and traditions of Paramount Pictures. Each will be conceived as a major release and will be crafted by a team of creative people, working together with a uniquely creative process. Warm service, design and energising concepts will combine to mark a new chapter and set a rare standard in luxury hospitality.
Despite the growth in real estate prices across the Middle East, in particular Dubai over the past couple of years, prices remain low compared to the rest of the world. According to the latest research by Knight Frank, ‘US$1 million buys approximately 146m2 of luxury living space in Dubai – around six times more than in London, seven times more than in Hong Kong and ten times more than in Monaco’.
Tourism is also booming in Dubai, backed by its safe-haven status in the region and high quality infrastructure, tourism hot spots and, of course, the wide array of shopping outlets. Dubai recently became the fifth favourite hotspot for global travelers, jumping ahead of New York and other popular cities in Europe, according to MasterCard. The company’s Global Destination Cities Index states that 12 million international visitors will come to Dubai this year, an increase of 7.5 per cent from 2013.
“Dubai is a great city; our home city,” concluded Mr. El Chaar. “As tourism continues to grow here, it will have a positive impact across a wider area, including Abu Dhabi, Saudi Arabia and the Middle East region, making this agreement with Paramount Hotels & Resorts a key strategic growth plan for the company.”
Established in 2002, DAMAC Properties has delivered almost 11,000 units to date and currently has a development portfolio of over 26,000 units at various stages of progress and planning as of June 30th 2014.