JEDDAH, SAUDI ARABIA-Hyatt Hotels Corp. has joined with locally based Naseel Holding Co. to build three new hotels in the country. The venture will build the 400-room Grand Hyatt Jeddah and the 240-room Hyatt Regency Jeddah here, and the 275-room Park Hyatt Riyadh in Riyadh, near the Kingdom Center.
The developments will double the amount of planned Hyatt hotels in the country to six by 2016. Currently, the only Hyatt property is the Park Hyatt Jeddah-Marina, Club and Spa, which opened here in 2009. Peter Norman, SVP with the company, said in a statement that the firm wants to grow in the country.
Of the two new hotels opening here, the Grand Hyatt will be located near the center of the city, on the corner of Corniche Road and Al Amir Naif Street. The property is expected to open by early 2016. The Hyatt Regency here is expected to open sooner, by the latter half of 2015, and will be located on Tahliyah Street near Tahliyah Square.
The Park Hyatt Riyadh will be a standalone building on King Fahd Road in the Olaya District. This property is expected to open in the fourth quarter 2015.
Hyatt, based in Chicago, has a worldwide portfolio of 478 properties, and has many in development, including 14 Park Hyatts, 12 Grand Hyatts and 30 Hyatt Regency hotels. Naseel, led by Saudi business owner and chairman Majid bin Ibrahim Al Ibrahim, is a financial holding company that includes a real estate division, which mostly focuses on hospitality. The New York City-based Interventure Capital Group advised Naseel on the joint venture.
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