‘DAMAC Towers by Paramount’ Brings Hollywood Glamour to Middle East Living and Hospitality

Paramount Hotels and Resorts, the Official Licensee of Paramount Pictures, and DAMAC Properties Launches the first Paramount-Branded Hotel in the Middle East

BERLIN, Germany - Wednesday, March 6th 2013 [ME NewsWire]

US$ 1 Billion Five-Star Hotel and Branded Serviced Hotel Residences in Burj Khalifa Area, Dubai

Global Launch at ITB Berlin – the World’s Leading Travel Trade Show

ITB Berlin 2013 ITB Berlin 2013:DAMAC Properties Hall Nine, Stand 317

(BUSINESS WIRE)-- From ‘The Godfather’, ‘Breakfast at Tiffany’s’ and ‘Titanic’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubai marks the company’s first venture into the hotel and real estate industry.

In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.

The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).

Speaking at ITB Berlin, the world’s leading travel trade show, in order to launch the project to the global travel market, DAMAC Properties Managing Director, Ziad El Chaar, said: “The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. 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 four towers which make up ‘DAMAC Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.

“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced. The hotels, resorts and residences produced by PHR FZ-LLC will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.

The serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments, a child minding service and kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.

DAMAC Properties has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

Paramount Hotels & Resorts is a lifestyle hospitality company that celebrates the power of creativity in all its forms - entertainment, design, service, cuisine, wellness, and technology - to meet the needs of the new creative spirits of discerning luxury travellers.

Further information is available at www.damacproperties.com or by visiting the Paramount Hotels & Resorts stand at ITB Berlin from 6-10 March 2013 at Hall Nine, Stand 317.

Contacts

Jon Barber, +97143731000

Jon.Barber@damacgroup.com