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Paramount Hotels & Resorts signs MoU with Alpha Tours

Abu Dhabi: Dubai-based Paramount Hotels & Resorts, part of Italy’s Paramount group, has signed an Memorandum of Understanding (MoU) with Alpha Tours LLC and Grand Hotel Via Veneto S.p.A. on Sunday in a special ceremony held at the Emirates Palace Hotel Abu Dhabi.

All parties signed the MoU in the presence of the Italian Prime Minister, Enrico Letta, Sultan Bin Saeed Al Mansouri, Minister of Economy, and Italian Ambassador to the UAE, Giorgio Starace, alongside many Emirati officials and high-profile guests. The MoU was signed to enhance working relationships and to serve mutual intentions of the parties.

The MoU stated that all parties will be searching for primary locations generally in Italy and particularly in Rome, Venice and in Sardinia Region; and express their desire to cooperatively promote the development, operations and promotions of successful hotels and theme park as well. In addition, Parties recognise the inherent importance relating to the exposure of international hospitality industries.

Ghassan Aridi, Executive Chairman of Paramount Hotels & Resorts FZ-LLC, and CEO of Alpha Tours, signed the MoU with Carlo Acampora, Chairman and CEO of the Italian-based Grand Hotel Via Veneto S.p.A..

The parties, having already located some key areas and prestigious properties in the country, will do their best to verify the feasibility on properties already used (or to be used) as hotels, either currently operating or not operating, renovated or to be fully renovated and to finalise high-end hotel projects.

Such hotel projects will also lead to boost a variety of investments linked to such developments, in addition to subsequently give momentum to the real estate sector, to the tourism industry and, especially, to the employment of significant number of personnel, not only during the construction phase but also during the hotel management and operation stages.

The parties will also make efforts in order to collect updated detailed data and conduct extensive market research through the support of governmental and semi-governmental institutions to find the best solution suitable to the implementation of the amusement park business.