Bin Otaiba Investment Group bought the Hyatt Regency, one of Birmingham’s landmark hotels, for USD 50 million (AED 184m). It is a 319-room property with three food and beverage outlets.
The Sharjah-based Bin Otaiba Group bought the hotel from an affiliate of the New York-listed Hyatt Hotels Corporation. The four-star hotel will retain the Hyatt Regency branding through a management agreement. The Hyatt Regency is located in the centre of the West Midlands city, close to Centenary Square.
The group plans to invest a further USD 3.5 million in renovating the 24-storey, 319-bedroom hotel over the next three years. Bin Otaiba will also invest USD 218 million in developing a 366-room hotel on Saadiyat Island, Abu Dhabi.
According to the research company CBRE, the total investment by Middle East investors in Europe’s hotel sector in 2014 and 2015 was AED 19.36bn (€4.7 billion).
The Sharjah-based Bin Otaiba Investment Group is a multi-segment organisation managed by its Group CEO Mr. Khalaf Bin Saif Al Otaiba. It has a portfolio of hotels in the UAE, including Hilton Sharjah, the Millennium Hotel Abu Dhabi, and Embassy Suites Hotel in Sharjah.
The Hyatt Hotels Corporation owns, operates, and franchises hotels, resorts, and vacation properties. The company is headed by its President and CEO, Mark S. Hoplamazian. Its portfolio comprises ten brands, including Park Hyatt, Grand Hyatt, Hyatt Regency, HYATT Hotels, and Hyatt Place, among others.