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Paramount eyes expansion in region

Dubai, March 5, 2014

Paramount Hotels and Resorts plans to play a major role in the development of hotel and hospitality sector in Dubai, while aiming to expand its presence in the region, a senior executive has said.

Thomas van Vliet , CEO of Paramount Hotels and Resorts in Dubai, said hosting the Expo 2020 in Dubai will create more investment opportunities and growth in the tourism sector in Dubai and the UAE in general.

He said that Paramount recently signed contracts to set up Damac Towers by Paramount Hotels and Resorts in Dubai, which includes a 771-room luxury hotel, in addition to three other residential towers with 1080 rooms managed by Damac Maison.

“It is expected that this property would open by end of-2016,” van Vliet added.

He said that work is undergoing on another property  - Paramount Hotel Jumeirah Waterfront Dubai, which will be located at the waterfront of Maritime City. The hotel includes 276 upscale hotel rooms and a variety of services. This project will be one of the region’s most attractive destinations and an addition to the luxury tourism in Dubai, he said.

The Damac Villas By Paramount Hotels & Resorts, which consist of 163 luxury villas, will be located within the Akoya development, he said.

He also noted that the company plans to expand in Abu Dhabi and Doha, and plans to open Damac Tower by Paramount Hotels & Resorts in Riyadh by 2015.

“This project is in the heart of Riyadh and will reflect the glamour life of Hollywood and the life style of California. It will include a spa and specialty dining restaurants and five-star hotel services. Investors can also rent their units that are operated by Damac Maison, in order to make a notable profit.”

The project is located in a strategic area in the heart of the Saudi capital, overlooking the Kingdom Tower.

Van Vliet mentioned that the tourism industry in Abu Dhabi, Doha and Muscat is very promising and bodes further investment opportunities.

Van Vliet said: “We will continue to expand hotels in Dubai due to the tremendous growth of tourism with an average occupancy rates that reached to 87.6 per cent last year, which is considered high, making Dubai one of the most prominent tourist destinations in the world.”

He hinted that the picture is very positive for tourism investments in Dubai, where demand is growing rapidly and this confirms that Dubai has become a global destination for tourism throughout the year and therefore Paramount Hotels & Resorts will provide more hotel rooms in the emirate.

 “Millions of visitors will be coming back again and again to Dubai for more shopping, tourism, and participate in various activities, and this is the green light for the development of the tourism sector in Dubai,” He added.

In response to a question about his expectations for the company's projects after Dubai won to host Expo 2020, he said: “The exhibition is an international global event and that creates growth and increases demand for the units and hotel rooms without a doubt”.

He said that mega projects have started in Dubai to prepare for the opening of the Expo 2020, which will attract about 60 million visitors from all over the world and Paramount Hotels & Resorts has signed three contracts in Dubai with Damac.

He pointed out that the group signed management deals for six hotels in 2013 and by 2014 the figure will double to 14 hotels and this confirms that the strategic plans of the company are going to successfully keep pace with the growth in the tourism industry in the UAE, the region and the world.  – TradeArabia News Service
 




Tags: Dubai | Damac | hotels | resorts | Paramount |

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