“Expanding the number of Hyatt-branded hotels in the Kingdom of Saudi Arabia will be a significant step towards our goal of being the preferred brand for global travelers,” said Peter Norman, Senior Vice President - Acquisitions and Development for Hyatt International – Europe, Africa, and Middle East, “and we are very pleased to be working with Naseel Holding Company to manage these outstanding new properties.”
“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 the hospitality sector,” said Majid Al Ibrahim, Chairman - Naseel Holding Company, “and 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.”
“It has been a total pleasure to have the opportunity to work with both Naseel and Hyatt in these exciting projects. 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.” said Jaber Albrahim, CEO of New York based Interventure Capital Group, who served as an advisor to Naseel in negotiating the agreements.
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 the city of Riyadh, situated near the Kingdom Center and the Al Faisaliya Tower. The 275-room hotel, designed by Skidmore, Owings & Merrill LLP (SOM), will have 50 suites, as well as three restaurants, a lounge, 1,450 square meters of meeting and event space, including a 1,000 square meter ballroom, and a spa and fitness center. In addition to Park Hyatt Riyadh, 13 other previously announced Park Hyatt hotels are under development in the following locations worldwide: Além-Tejo, Portugal; St. Georges, Bermuda; Doha, Qatar; Changbaishan, Guangzhou, Hangzhou, and Sanya Sunny Bay, China; Chennai, Hyderabad, and Mumbai, India; Marrakech, Morocco; New York, United States; and Vienna, Austria.
Grand Hyatt Jeddah, designed by Skidmore, Owings & Merrill LLP (SOM), with 400-rooms, including 48 suites, will be located in the center of the city of Jeddah, on the corner of Corniche Road and Al Amir Naif Street with views of the Red Sea. The hotel, which is expected to open in early 2016, will feature three restaurants, a lobby lounge, and a Grand Club Lounge. In addition, the hotel will have 5,700 square meters of meeting and event space, including grand and junior ballrooms. The hotel will also have a spa and fitness center. In addition to Grand Hyatt Jeddah, 11 previously-announced Grand Hyatt hotels are under development in the following cities around the world: Rio de Janeiro, Brazil; Frankfurt, Germany; Chengdu, Dalian, Nanjing, Sanya Haitang Bay, and Shenyang, China; Pune, India; Beirut, Lebanon; Kuala Lumpur, Malaysia; and Moscow, Russia.
Hyatt Regency Jeddah, with 240-rooms, including 30 suites, will be located on Tahliyah Street in the center of Jeddah, near Tahliyah Square and 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. In addition, the hotel will have 1,700 square meters of meeting and event space, including a ballroom and boardroom, as well as a spa and fitness center. In addition to 148 Hyatt Regency hotels currently open worldwide, more than 30 previously announced Hyatt Regency hotels are under development around the world, including three in Russia, one in the Middle East, two in Mongolia, two in Latin America, 16 in India and 14 in China.
About Park Hyatt
Located in many of the world's premier destinations, each Park Hyatt hotel is custom designed to combine sophistication with distinctive regional character. Park Hyatt features well-appointed guestrooms, meeting and special event spaces for smaller groups, critically-acclaimed art and food and beverage programs, and signature restaurants featuring award-winning chefs. There are currently 28 Park Hyatt hotels around the world in locations including: Abu Dhabi, Baku, Beaver Creek, Beijing, Buenos Aires, Canberra, Chicago, Dubai, Goa, Hamburg, Istanbul, Jeddah, Maldives, Melbourne, Mendoza, Milan, Moscow, Ningbo, Paris, Saigon, San Diego, Seoul, Shanghai, Sydney, Tokyo, Toronto, Washington D.C., and Zurich.
About Grand Hyatt
Grand Hyatt features large-scale, distinctive hotels in major gateway cities and resort destinations. With 37 hotels around the world and critical mass in Asia, Grand Hyatt hotels provide sophisticated global business and leisure travelers with upscale accommodations. Signature features of Grand Hyatt include dramatic architecture, innovative dining options, state of the art technology, spa and fitness centers and comprehensive business and meeting facilities appropriate for corporate meetings and social gatherings of all sizes.
About Hyatt Regency
Hyatt Regency offers a full range of services and facilities tailored to serve the needs of meeting planners, business travelers and leisure guests. Properties generally range in size to over 2,000 rooms and are conveniently located in urban, suburban, airport, convention and resort destinations around the world. Hyatt Regency convention hotels feature spacious meeting and conference facilities designed to provide a productive environment.
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® and HYATT houseTM. HYATT house is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of September 30, 2011, the Company's worldwide portfolio consisted of 478 properties in 45 countries. For more information, please visit www.hyatt.com.
About Naseel Holding Company
Naseel is a financial holding focused on various activities, and the real estate is a major investment area. Hospitality represents a large part of Naseel real estate portfolio. For more information, please visit www.naseel.com.
Forward-Looking Statements
Statements in this press release, which are not historical facts, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, general economic uncertainty in key global markets, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; fluctuations in currency exchange rates; general volatility of the capital markets and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.