Hyatt International has signed a management agreement for a 257-key property in Riyadh’s Al-Swailem Tower, under its Hyatt Regency brand.
The hotel will open to guests by Q4 2013 and will include health and business centres, tennis court and car park for 300 vehicles.
It will be housed in the 32-storey Al-Swailem Tower, which is owned by Mohammed A. Al-Swailem Co. for Commercial Investment and has an area of 7000 m², which will include a shopping arcade and commercial complex.
Peter Fulton, managing director of Hyatt International, said: “Saudi Arabia is a key development market for Hyatt International. We are very proud to be here and to enter into this very important partnership with Mohammed A. Al-Swailem Co. for Commercial Investment.
“Hyatt is well-positioned in the Kingdom as one of the largest global hotel brands. We are confident Hyatt Regency Riyadh will bring tremendous value to our growing presence in KSA and further strengthen our portfolio.”
Eng. 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. It is a very significant project for us. We are pleased to work with Hyatt International on this exciting new development and look forward to collaborating with them.”