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Paramount partnership for Damac
Film production studio teams with Dubai's Damac Properties for Hollywood-theme project.
March 7, 2013 1:29 by kippreport
Paramount Pictures, an iconic name in Hollywood’s film industry (now in its 101st year), will be lending its spotlight – in the form of an exclusive partnership – to Damac Properties’ latest venture; a $1 billion ‘Damac Towers by Paramount’ to be constructed in Dubai’s downtown area.
The news first broke out at ITB Berlin, one of the world’s largest travel trade shows, where the developer’s MD, Ziad El Chaar, talked about replicating Paramount’s production process to, and I quote, “employ the same, tried and tested production process…to direct, design and detail a world-class experience.”
In actuality, it is Paramount Hotels & Resorts in Dubai – the official licensee of Paramount – that is entering into its first ever hotel and real estate venture. The project consists of four Hollywood-themed towers built around Burj Khalifa and according to Damac, will be completed by 2015. The construction has already begun.
“The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project,” says El Chaar.
At the other end of the spectrum, Thomas Van Vliet, CEO of Paramount Resorts & Hotels said that the mountain and 22 stars – Paramount Pictures’ infamous logo – is rather well known and will help mark a new chapter for the brand as well as ‘set a rare standard in luxury hospitality’.
Of course, Damac is known for its regional partnerships with luxury brands. In fact, it was only last month that a partnership was forged with Italian brand, Fendi, for two developments in Saudi Arabia and Dubai.
When Kipp asked Niall Mc Loughlin, senior VP at Damac what economic indicators they relied on to proceed with such potentially massive partnerships, he stopped me and said that ‘looking at Dubai through one lens’ is wrong.
“The market is too segmented, using one statement to label Dubai’s market with is wrong. The really, really important thing to remember here is that over the past year, there has been a 20% hike in value of luxury products in luxury locations and that projects associated with luxury brands create 60% more value than non-branded ones in the same area. We don’t just get into developments without studying the market; it’s our customers’ demand.”
So, does that mean that demand must exist for developments to be planned out?
“There is demand, as we know, but we also ask our customers what they want. And we listen,” he says. “We understand how the supply and demand of the market works, we know our customers want unique and innovative developments and when we partner up with brands like Fendi and Paramount, it creates interest and drives demand as well.”
Each tower will stretch over 250 metres into the air and one tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.