Branded property: The best of both worlds?
The real estate industry has seen an increasing number of brands from different fields venture into the properties market. This usually manifests as collaborations with leading developers to release branded hotels and residences.
In the Middle East, this trend is definitely gaining traction. Dubai-based developer DAMAC Properties is one of the leaders in this approach. The company has completed projects across the region with Versace, Trump PRVT and Fendi, among others.
Such collaborations, which add an emotional layer linked to the associated brand’s story, are much more valuable for involved parties.
Niall McLoughlin, senior vice-president at DAMAC Properties, cited a Knight Frank report which confirms that in Dubai, “branded projects drive 25-30 percent more value than similar projects nearby”.
McLoughlin tells Aficionado, “It is important to note that only the most aspirational and luxurious brands, which can bring their values into a real estate project, will work out in the long term.”
Earlier in June, DAMAC announced the Paramount Tower Hotels and Residences, marking a new collaboration with Paramount Hotels and Resorts, the newly founded hospitality arm for the film studio corporation.
According to Paramount, the project aims to attract the creative minds of the city and those who wish to be associated with them.
“Paramount Hotels and Resorts will focus on attracting those belonging to the creative classes – encompassing, for instance, media, music, design, fashion, publishing and art, to name a few – but, at the same time, attract all those who feel attracted to or want to be seen with the creative,” says Thomas van Vliet, CEO of Paramount Hotels and Resorts.
“Those who are looking to tap into the buoyant tourist market in Dubai, which is set to double to more than 20 million visitors a year by 2020, are keen to learn more about how they can be part of this exciting project,” McLoughlin adds.
Scheduled for completion in Q3 2019, the 826-key luxury hotels and serviced residences tower is located at the central Burj area on Sheikh Zayed Road. It includes a number features and facilities to underline the motion-picture theme and lifestyle, such as a private Paramount Pictures screening room and an infinity swimming pool overlooking the downtown area and Burj Khalifa.
“The whole styling and feel of the place will embrace ‘California cool’, so that those who live there and those who choose to stay in the project will feel part of more than a hundred years of movie excellence in a refined and classy way,” concludes McLoughlin.