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.
Further, he explained that: “‘DAMAC Towers by Paramount’ will include a series of dynamic and sensory experiences that live up to our mantra of producing hospitality that is unmistakable, unforgettable and consequentially unmissable. The guests in our audience will be led on a journey that delights the eyes and engages the emotions. We are thrilled to be partnering with DAMAC Properties on this mega project and sharing this exciting news today.”
Drawing on the 100 year history of Paramount, ‘DAMAC Towers by Paramount’ will showcase authentic California lifestyle, the glamour of Hollywood, and be conceived as a ‘major release’ by a team of uniquely creative people, working together in a uniquely creative process. Reassuring signatures of the Paramount brand, including access to the Paramount movies library, a Paramount screening room and creative usage of the transformational elements like digital signage, media mapping and lighting effects throughout the public areas will be complemented by accents of local colour.
The hotel and one, two and three bedroom serviced residences in the ‘mixed tower’ will be managed by Paramount Hotels and Resorts, whereas the one, two and three bedroom serviced hotel residences as well as the ultra luxurious penthouses in the other three towers will be managed by DAMAC Maison, the hospitality division of DAMAC Properties.
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.
“We have been saying for a while that the luxury serviced hotel apartments sector is set to drive the resurgence in the Dubai property market, and ‘DAMAC Towers by Paramount’ is the realisation of that prediction. The project provides a unique opportunity for both the end-user and the investor,” added Al Chaar.
A recent report by Knight Frank stated that projects in Dubai associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area. The report added that: ‘it seems likely that as global wealth creation expands, the demand for high-quality, branded residential developments in key global centres will undoubtedly rise.’
Luxury branded hotel apartments in Dubai are attracting prices in the region of AED 5,000 per sq. ft. compared to ordinary unfinished apartments in the same area attracting AED 3,000-3,500 per sq. ft.