DUBAI—Paramount Hotels and Resorts has partnered with Preferred Hotel Group to support its entry into the hotel industry, as announced at Arabian Travel Market today. The global relationship begins with an agreement for the first Paramount-branded hotel—DAMAC Towers by Paramount—to enter into membership of Preferred Hotels and Resorts, the luxury brand of Preferred Hotel Group. DAMAC Towers by Paramount is scheduled to open in downtown Dubai in late 2015.
“With a strong foothold in key markets across the Middle East and Asia and a proven track record of successfully supporting some of the world’s finest luxury hotels and resorts, Preferred Hotel Group is the ideal partner to support our entry into the luxury hospitality sector,” stated Thomas van Vliet, chief executive officer of Paramount Hotels and Resorts.
“As we look to increase our presence in key destinations, we are honored to enter into this relationship with Paramount Hotels and Resorts,” stated Lindsey Ueberroth, president of Preferred Hotel Group. “With a shared vision of what defines luxury hospitality and similar goals for strategic growth, we look forward to a long and mutually beneficial relationship.”
Located in the downtown Burj Khalifa area of Dubai, the $1 billion DAMAC Towers will feature four towers, each standing 250 meters high. One tower will house the 540-unit Paramount Hotel and Residences with the remaining three towers housing the DAMAC Maison – Paramount co-branded serviced hotel residences consisting of more than 1,400 units. The towers will be brought together by a multi-level plaza that will offer an eclectic selection of themed food and beverage concepts, meeting and events facilities, a screening room, wellness and fitness centers, swimming pools, children’s club, retail spaces, and merchandise.