MUMBAI and CHICAGO, May 27, 2014 - Hyatt Hotels Corporation (NYSE: H) and Emirates Pearl for Development & Investment L.L.C. (EPDI) announced today that a Hyatt affiliate and Emirates Pearl have entered into an agreement for the management of a Grand Hyatt hotel in Abu Dhabi, which is expected to open in 2015. Emirates Pearl for Development & Investment is a joint venture between a subsidiary of Atlas Group and Tourism Development & Investment Company (TDIC). TDIC is a master developer of major tourism, cultural and residential destinations in Abu Dhabi.
Destined to be iconic, the 47-story hotel will be located on the southwest end of the Coastal Boulevard in the prestigious Ras Al Akhdar district of central Abu Dhabi. It will be conveniently located close to upscale shopping malls and tourist attractions and only 30 minutes from Abu Dhabi International Airport.
The contemporary 'twisting' glass tower will offer 368 rooms and 60 fully-furnished service apartments with four restaurants, a lounge, two bars, extensive meeting facilities and a sophisticated spa and fitness center. The hotel is being designed by Dennis Lems Architects Associates, with interiors by MKV Design of London.
According to H.E. Ahmed Seddiq Al Mutawaa, Chairman of Atlas Group and EPDI, "Our relationship today with a world-class operator such as Hyatt follows a detailed due diligence process undertaken by Atlas Group and its consultants and advisors. Hyatt shares our vision for the hotel and we are delighted to have the opportunity to work together.
Furthermore, I believe that the success of this ambitious project will be assured by the continuing support of the Abu Dhabi Tourism and Culture Authority and the Tourism Development & Investment Company. The building and operation of this hotel is further evidence of the momentous tourism development program initiated by the government of Abu Dhabi."
Peter Fulton, Group President for Europe, Africa, Middle East/Southwest Asia, Hyatt said, "Grand Hyatt hotels are known for their luxurious accommodations, extraordinary restaurants, dramatic architecture and state-of-the-art meeting services. Grand Hyatt Abu Dhabi Hotel & Residences Emirates Pearl will fulfill all these criteria and offer a complete destination. We are delighted to work together with Atlas Telecommunications and Tourism Development & Investment Company to introduce the Grand Hyatt brand to the UAE capital."
Grand Hyatt Abu Dhabi Hotel & Residences Emirates Pearl will be the third Hyatt-branded property in the city of Abu Dhabi and will join Grand Hyatt Dubai as the second Grand Hyatt hotel in the United Arab Emirates.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation or one more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®,Hyatt House®, Hyatt Zilara™ and Hyatt Ziva™ brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of March 31, 2014, the company's worldwide portfolio consisted of 554 properties in 47 countries. For more information, please visit www.hyatt.com.
About Atlas Group
Atlas Group is a multi-faceted conglomerate of businesses that was founded in 1983 in Abu Dhabi, the capital of the United Arab Emirates. Its companies are varied but bound by a common thread: unparalleled customer services and turnkey solutions.
The commercial entities within the group serve the people, governments and businesses of the UAE and wider Gulf region with a diverse range of services and solutions. These include cutting-edge technologies in satellite systems, telecommunications and security solutions. They also include the importation and distribution of world-class products that range from medical devices to the highest grade of fresh and frozen foods from around the world.
Each Atlas Group Company has its own distinct style and each enjoys great success. They all, however, share a common vision and approach: dependability, flexible customization, rapid deployment and exemplary customer support. These are the values that have guided each and every group company towards building long-term customer loyalty and professional success. www.atlasgroup.ae.
About Tourism Development & Investment Company (TDIC)
Tourism Development & Investment Company (TDIC), established in 2006 and fully owned by Abu Dhabi Tourism & Culture Authority, is a master developer of major tourism, cultural and residential destinations in Abu Dhabi. These include Saadiyat, a natural island ten-minute drive from downtown Abu Dhabi featuring luxury resorts, championship beachfront golf courses, sophisticated residential communities, retail destinations and cultural institutions - designed by world-renowned Pritzker Prize-winning architects - such as Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi. TDIC is also developing Desert Islands, a heritage-based tourism destination composed of eight islands - Sir Bani Yas Island, the historical Dalma Island and the previously unexplored Discovery Islands.
TDIC has built a strong reputation among international industry players for its compelling value proposition, transparency of business approach and ability to deliver. The company has been awarded high investment grade ratings of A1, AA, and AA by three top credit rating agencies - Moody's, Standard & Poor's and Fitch Ratings, respectively. These ratings reflect TDIC's strong financial position and support the company's credit worthiness to investors, lenders and other market participants.
By creating investment partnerships and joint ventures, TDIC's developments are helping to support the Emirate's evolution into a world-class destination for tourists, businesses and residents. TDIC offers significant employment and vocational training opportunities for Emiratis keen to enhance their careers and professional qualifications. For further information, please visit http://www.tdic.ae.
Contact: Yasmin D. Poonegar, Hyatt Hotels & Resorts, Southwest Asia
[email protected] /