Paramount joins with Damac for $1 bln Dubai hotel

Unveiled in Berlin, the four-tower project represents Paramount’s first venture into the hotel and real estate industry. (Reuters)

Paramount, the maker of movies such as ‘The Godfather’ and ‘Titanic,’ is teaming up with property developer Damac to build a $1 billion hotel project in Dubai.

The Damac towers will comprise of a 540-room Paramount Hotel and Residence and 1,400 units of serviced hotel residences, reported AMEinfo on Thursday.

Unveiled in Berlin, the four-tower project represents Paramount’s first venture into the hotel and real estate industry.

Damac has shown its enthusiasm for working with the Hollywood heavyweight brand.

“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project,” said Damac Properties Managing Director Ziad el-Chaar. “We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it's an inviting lifestyle.”


The 250-meter high towers will offer a variety of meeting facilities, a fitness center as well as retail outlets.

The buildings are currently under construction and are set to be completed by the end of 2015.

Paramount has announced that it plans to open around 50 Hollywood and California themes hotels worldwide.
 

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Last Update: Thursday, 07 March 2013 KSA 10:28 - GMT 07:28
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