Paramount Hotel & Resorts Partners with Preferred Hotel Group

First Paramount-branded hotel — DAMAC Towers by Paramount — to be represented by Preferred Hotels & Resorts brand

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. May 08, 2013

Dubai - May 8, 2013 - Paramount Hotels & Resorts (PHR FZ-LLC) has partnered with Preferred Hotel Group™ to support its entry into the hotel industry, as announced at Arabian Travel Market today. The global relationship begins with an agreement for the first Paramount-branded hotel -DAMAC Towers by Paramount - to enter into membership of Preferred Hotels® & Resorts, the ultimate luxury brand of Preferred Hotel Group. DAMAC Towers by Paramount is scheduled to open in downtown Dubai in late 2015.

“With a strong foothold in key markets across the Middle East and Asia and a proven track record of successfully supporting some of the world's finest luxury hotels and resorts, Preferred Hotel Group is the ideal partner to support our entry into the luxury hospitality sector,” said Thomas van Vliet, Chief Executive Officer of Paramount Hotels & Resorts (PHR FZ-LLC). “Our hotels will offer a world class experience that is unmistakable, unforgettable and consequentially unmissable, and we are excited about the value-add through our new collaboration with Preferred Hotel Group.”

“As we look to increase our presence in key destinations, we are honored to enter into this relationship with Paramount Hotels & Resorts,” said Lindsey Ueberroth, President of Preferred Hotel Group. “With a shared vision of what defines luxury hospitality and similar goals for strategic growth, we look forward to a long and mutually beneficial relationship.”

Paramount Hotels & Resorts (PHR FZ-LLC) announced plans for the US$1 billion DAMAC Towers by Paramount last month. Located in the heart of the downtown Burj Khalifa area of Dubai, the property will feature four towers, each standing 250 metres high. One tower will house the 540-unit Paramount Hotel & Residences with the remaining three towers housing the DAMAC Maison - Paramount co-branded serviced hotel residences consisting of more than 1,400 units. The four towers that make up DAMAC Towers by Paramount will be brought together by a multi-level plaza that will offer an eclectic selection of themed food and beverage concepts, meeting and events facilities, a screening room, wellness and fitness centres, swimming pools, children's club, retail spaces, and merchandise all featuring the Paramount brand or select partner brands.

As a member of Preferred Hotels & Resorts, DAMAC Towers by Paramount will receive support through a portfolio of business solutions, which include innovative distribution services worldwide, resourceful technology solutions, a dedicated international sales team, and strategic communications and marketing support. For more than 45 years, the Preferred Hotels & Resorts brand has represented the very best in refined travel, defined by anticipatory service, personalized guest experiences, and the highest standards of hospitality.

About Paramount Hotels & Resorts (PHR FZ-LLC)

PHR FZ-LLC, established and registered in Dubai in 2012, secured an exclusive, long-term agreement with Paramount Licensing Inc., the licensing division of Paramount Pictures Corporation, to establish a chain of Paramount-branded hotels resorts and residences. While not an investor, Paramount will oversee the creation of this exciting new hospitality concept. Paramount Hotels & Resorts, headquartered in Dubai, is a luxury lifestyle hospitality company that celebrates the power of creativity in all its forms - design, service, entertainment, technology, accommodation, cuisine, meetings and events, and wellness and fitness - to meet the needs of the new creative spirits of discerning luxury travellers. For more information, visit www.paramounthotelsandresorts.com.

About Preferred Hotel Group™

With a global reach extending into more than 85 countries, Preferred Hotel Group represents more than 650 of the finest hotels, resorts, and serviced residences in the world. Preferred Hotel Group's brands include Preferred Hotels® & Resorts, Preferred Boutique™, Summit Hotels & Resorts™, Sterling Hotels™, Sterling Design, and Summit Serviced Residences™. Travelers gain valuable benefits through branded programs that include Preferred Residences™; Preferred Golf ™; the I Prefer™ Guest Benefit Program; Preferred Pride, a collection of TAG-approved or IGLTA-member hotels; and Preferred Family, a collection of hotels and resorts certified to provide a rich experience for travelers of all ages. For more information, visit www.PreferredHotelGroup.com and follow the brand on Facebook and Twitter.