Mohammed A. Al-Swailem Co. for Commercial Investment Enters into Agreement with Hyatt International for Management of Hyatt Regency Riyadh
Mr. Peter Fulton, Managing Director, Hyatt International and Mr. Abdul-Aziz Mohammed Al Swailem, President & CEO, Mohammed A. Al-Swailem Co. for Commercial Investment
Mohammed A. Al-Swailem Co. for Commercial Investment signed a management agreement with Hyatt International for its new hotel in Kingdom of Saudi Arabia - Hyatt Regency Riyadh. The 257 keys hotel is part of Al-Swailem Tower comprising of upscale shopping arcade and commercial complex. Owned by Mohammed A. Al-Swailem Co. for Commercial Investment, the 32-storey project is spread in an area of 7000 m2 with total built-up area of 5300 m2 and is in advanced stages of development. It is expected to welcome its first guests by the last quarter of 2013.
Present at the signing ceremony were Eng. Ali Al Swailem, Chairman, Mohammed A. Al-Swailem Co. for Commercial Investment; Mr. Abdul-Aziz Mohammed Al Swailem, President & CEO, Mohammed A. Al-Swailem Co. for Commercial Investment; Dr. Eng. Dhaifallah A. Almazroa, CEO for Projects, Mohammed A. Al-Swailem Co. for Commercial Investment; Mr. Jamal Abdulla, Managing Director - Hotel Division, Mohammed A. Al-Swailem Co. for Commercial Investment; Mr. Peter Fulton, Managing Director, Hyatt International and Eng. Ahmed Al Essa, Vice President Saudi Commission for Tourism & Antiquities (SCTA).
Speaking on the occasion Eng. Ali Al Swailem said, "Hyatt Regency Riyadh has been conceived to be a prestigious address for discerning business and leisure travelers 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. At the moment we are witnessing remarkable growth in the hospitality industry especially with the generous support given to tourism by His Royal Highness Prince Sultan bin Salman bin Abdul Aziz, President of Saudi Commission for Tourism and Antiquities. This requires meeting the needs of the Saudi hotel sector in accordance with the best international standards which are fully met by Hyatt Regency Riyadh in both quality of project and level of service and luxury offered."
It is the fifth hotel in Saudi Arabia under the ownership of Mohammed A. Al-Swailem Co. for Commercial Investment in addition to several furnished apartments spread across KSA.
Mr Fulton 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."
Conveniently located 30 minutes from King Khaled International Airport in Riyadh, Hyatt Regency Riyadh offers easy access to key business and leisure attractions in the city. The hotel has a distinctive façade and is being designed to offer a full range of upscale services and facilities tailored to serve the needs of meeting planners, business travelers and leisure guests. Included in its facilities are a specialty restaurant, fully-equipped health center including swimming pool, massage, sauna, Jacuzzi and gym, state-of-the-art business center and meeting rooms, a beautiful multi-function hall for 300 people, tennis court, car park for 300 cars as well as a shaded VIP car park for 30 cars.
Riyadh is an important business destination and a high potential market for hotel development. The Saudi Commission for Tourism and Antiquities (SCTA) estimates that tourism revenues in the Kingdom will reach a total of SR118 billion (US$31.5 billion) in 2015, and SR232 billion (US$61.9 billion) in 2020 making the Kingdom a fertile ground for any new hotel development.
About Mohammed A. Al-Swailem Co. for Commercial Investment
Mohammed A. Al-Swailem Co. for Commercial Investment was founded in 1984 by Sheikh Mohammed Ali Al Swailem, the Chairman of the company, and has been associated with many prestigious government and private sector projects in diverse fields including building construction, roads, public and private services, as well as water, sanitation and other specialized areas. Over the years the company has amassed enormous experience in the execution of mega infrastructure projects. The hotel division under the groupis active in development of hotels and currently has under its banner Mercure Al Khobar, Ramada Hotel & Suites Al Qassim, Ramada Gulf in Al Khobar, Hyatt Regency Riyadh and Coral Gulf Hotel Riyadh. For more information please visit www.alswailem.sa
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and HYATT houseTM. HYATT house is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. For more information, please visit www.hyatt.com.