Damac Properties has signed an exclusive deal with Paramount Hotels & Resorts to expand its branded hotels and serviced living concepts to new cities around the region, reports Construction Week Online. 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 and Riyadh.
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.