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Hyatt in deal to manage 3 new Saudi hotels

Riyadh, February 6, 2012

Hyatt Hotels Corporation said it has entered into an agreement with Saudi-based Naseel Holding Company to manage three new Hyatt-branded hotels in the Kingdom.

A leading global hospitality company, Hyatt said these new hotels will mark the launch of the first Grand Hyatt  and the second Park Hyatt project in Saudi Arabia.

With the addition of these three new hotel agreements, there are six Hyatt-branded hotels under development in Saudi Arabia across five of Hyatt’s brands, said a statement from Hyatt.

Currently, there is one Hyatt-branded hotel in Saudi Arabia - Park Hyatt Jeddah – Marina, Club and Spa, which opened in 2009, it added.

“Saudi Arabia is an important market for Hyatt, having just increased our worldwide sales team to include on the ground support in the country,” remarked Peter Fulton, the managing director for Hyatt International - South West Asia.

“Expanding the number of Hyatt-branded hotels in the Kingdom will be a significant step towards our goal of being the preferred brand for global travellers, and we are pleased to be working with Naseel Holding Company to manage these outstanding new properties,” Fulton added.

“The addition of the Hyatt brand to our portfolio of hotels in the Kingdom is greatly welcomed and we are pleased to be part of Hyatt’s strong commitment to the Kingdom and hospitality sector,” said Majid Al Ibrahim, chairman of Naseel Holding Company.

'We are confident that the three new buildings are going to be a very valuable addition to the two great cities of Riyadh and Jeddah,” he noted.

“It has been a total pleasure to have the opportunity to work with both Naseel and Hyatt in these exciting projects,” said Jaber Albrahim, CEO of New York-based Interventure Capital Group, who served as an advisor to Naseel in negotiating the agreements.

'I am very confident that this is the start of a long-term rewarding relationship which will set the tone to always explore opportunities in this thriving market,' he added.

Park Hyatt Riyadh, currently slated to open in the fourth quarter of 2015, will be a stand-alone building located on King Fahd Road in the Olaya District in Riyadh, situated near the Kingdom Center and the Al Faisaliya Tower, said a statement from Hyatt.

The 275-room hotel, designed by Skidmore, Owings & Merrill LLP (SOM), will have 50 suites, as well as three restaurants, a lounge, 1,450 sq m of meeting and event space, including a 1,000 square meter ballroom, and a spa and fitness center, it stated.

Hyatt Regency Jeddah, with 240-rooms, including 30 suites, will be located on Tahliyah Street in the center of Jeddah, close to Malek Road and North Corniche Road.

The hotel, which is expected to open in the second half of 2015, will feature three restaurants, a lobby lounge, and a Regency Club lounge, it added.-TradeArabia News Service




Tags: Saudi | hotels | agreement | Hyatt | Manage | Naseel Holding |

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