Damac teams up with Paramount for serviced residence expansion

George Sell By George Sell
17 October 2014 | Updated 30 January 2017

UAE: Dubai developer Damac Properties has signed a deal with Paramount Hotels and Resorts to open serviced residences in Dubai, Abu Dhabi, Jeddah and Istanbul.

The agreement is an expansion of the current deal between the two companies, which has seen four different projects announced in Dubai, UAE and Riyadh, and will result in new properties being launched over the next five years across

Each project will feature styles inspired by the Hollywood movie studio Paramount Pictures.

Ziad El Chaar, managing directo of Damac Properties, said: "From our initial announcement back in March of 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 is currently working with Paramount on projects including Damac Towers, a four-tower hotel and serviced residences project in the downtown, a private gated community in the AKOYA development and a master development called Damac Villas by Paramount Hotels and Resorts.

"The reception to the Paramount Hotels and 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," said Ghassan Aridi, chairman, Paramount Hotels and Resorts.

www.damacproperties.com

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