The Middle East represents one of the world’s best, long term investments for global hoteliers according to the chief financial officer of Global Hyatt Corporation HARMIT SINGH.
“The Middle East, and Arabian Gulf in particular, represents a solid investment opportunity for long term thinking companies in the hospitality industry,” he said.
“We plan to continue to work closely with our regional partners and individual property owners, to ensure that Hyatt and our partners are able to maximize their long term investments, even in tough global economic conditions. Strong international preference for our brands will contribute significantly in this regard,” added Singh.
Already an established brand in the Middle East, Hyatt has plans to add new properties to its portfolio in Qatar, Saudi Arabia, and the United Arab Emirates.
Park Hyatt Jeddah, a 142 room hotel, is located in the vicinity of the city’s business district is set to open in 2009. The Grand Hyatt Doha Hotel and Residential Complex will open in spring 2009. It will offer 249 guest rooms and 91 private villas. Hyatt at Capitol Center, a new 200 room, five star hotel in Abu Dhabi’s Capital Gate building, adjacent to the Abu Dhabi National Exhibition Centre, will open in 2009 and will be the first Hyatt operated facility in the UAE capital city.