Monday, Apr 30, 2012
Gulf News
Dubai Hyatt International has signed an agreement with Mohammad A. Al Swailem Co. for Commercial Investment to operate a 257-room hotel — Hyatt Regency Riyadh — which will be part of the 32-storey Al Swailem Tower.
The project is in advanced stages of development. It is expected to welcome its first guests by the last quarter of 2013.
Ali Al Swailem, chairman of Mohammed A. Al Swailem Co. for Commercial Investment, said, “Hyatt Regency Riyadh has been conceived to be a prestigious address for discerning business and leisure travellers to the capital and enjoys a prime location on Olaya Street. At the moment, we are witnessing remarkable growth in the hospitality industry.”
Fifth investment
It is the investment company’s fifth hotel in Saudi Arabia in addition to several furnished apartments spread across the kingdom.
Peter Fulton, managing director of Hyatt International, said, “Saudi Arabia is a key development market for Hyatt International. Hyatt is well-positioned in the kingdom as one of the largest global hotel brands.”
Riyadh is an important business destination and a high potential market for hotel development. The Saudi Commission for Tourism and Antiquities estimates that tourism revenues in the kingdom will reach 118 billion riyals (Dh115.6 billion) in 2015, and 232 billion riyals in 2020, making the country a fertile ground for new hotel development.
Gulf News Report
Gulf News 2012. All rights reserved.
