Hyatt Announces Plans for Grand Hyatt The Red Sea in the Kingdom of Saudi Arabia
- Stocks tumble on new coronavirus variant fear
- Moderna (MRNA) Shares Rally 11% on 'Nu' Concerns, Analyst Sees mRNA Technology Adapting Much Quicker to New COVID Variant
- DiDi (DIDI) Stock Falls on Report China Seeks Delisting From US Amid Data Security Concerns
- Apple (AAPL) on Pace to Sell Over 10 Million iPhones for Black Friday - Wedbush
- Buy Tech Winners on Variant Fears - Wedbush
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Grand Hyatt The Red Sea will form part of one of the world's most ambitious tourism projects
CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with The Red Sea Development Company for a 430-room Grand Hyatt hotel on Shaura Island, the hub of the ambitious Red Sea Project on Saudi Arabia’s west coast. The luxury resort hotel will represent the largest of 11 hotels set to open on the island and will occupy a prime position within this innovative tourist development. Grand Hyatt The Red Sea will be the second Grand Hyatt hotel in the Kingdom and the seventh Grand Hyatt hotel in the Middle East, marking an important milestone in Hyatt’s growth strategy in the region.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211027005724/en/
The Red Sea Development Company (Photo: Business Wire)
Slated to open as part of phase one of the Red Sea Project, the property will be designed to reflect the bold and vibrant luxury synonymous with the Grand Hyatt brand, featuring sophisticated design, materials and decor inspired by the iconic elements present in the destination. Grand Hyatt The Red Sea will feature a striking architectural “coral bloom” design, a unique concept that resembles a bloom of coral in the sea from above, that will offer a sense of luxury that blends seamlessly with the natural environment. A tasteful mix of suites and large standard rooms will provide guests with a comfortable and upscale place from which to explore the area’s diverse ecosystem and endless attractions. World-class food and beverage venues and the wider amenities of the hub island, which will include a marina and an 18-hole championship golf course, will complete the luxury hotel experience within a breathtaking setting.
Located in close proximity to the soon to be developed Red Sea International Airport, Grand Hyatt The Red Sea will be easily accessible from both international and regional markets. It is the only Gulf Cooperation Council (GCC) location to enjoy mild temperatures year-round and is home to one of the world’s largest barrier reefs, coupled with an abundance of flora and fauna, juxtaposed with a dramatic and awe-inspiring landscape with dramatic mountain ranges dotted with dormant volcanoes, turquoise lagoons and white beaches.
“Grand Hyatt The Red Sea represents a key milestone within Hyatt’s strategy to expand its luxury resort offering in the Middle East,” said Ludwig Bouldoukian, regional vice president of development for the Middle East and Africa. “It is an honor to be able to showcase the Grand Hyatt brand in one of the Kingdom’s most innovative tourism developments and become part of this historic moment. Grand Hyatt The Red Sea will be at the forefront of the project, helping shape the island’s unique identity and contribute to a destination that redefines the concept of sustainable luxury. The resort will be an extension of Hyatt’s expanding luxury brand offerings, enhancing the way we cater to today’s increasingly diverse travelers who are seeking captivating moments from what will be an iconic destination.”
The Red Sea Project is designed to set new standards in sustainability and expects to position Saudi Arabia firmly on the global tourism map. The luxury destination created around one of the world's hidden natural treasures is committed to preserving and actively enhancing the natural environment which spans 10,800 square miles (28,000 square kilometers). It includes an archipelago of more than 90 untouched natural islands, as well as dormant volcanoes, desert, mountains, and cultural sites.
The destination is expected to be the first tourism project of its size to be powered solely by renewable energy, with avoided CO2 emissions to the atmosphere equivalent to at least half a million tons each year. Cars, helicopters, e-bikes, golf buggies, vans, trucks, seaplanes and buses will all operate on hydrogen and electricity as part of a smart and sustainable mobility strategy. Sustainability and diversification represent an important facet of the government’s Vision 2030, to develop the region and attract international travelers.
“The Red Sea Project is the world’s most ambitious regenerative tourism project and in order to deliver against our commitments, it is essential that we work with leading international brands like Hyatt. Grand Hyatt The Red Sea represents the largest hotel in Phase One and the centre piece of our hub island, Shaura,” said John Pagano, CEO at TRSDC. “I can’t think of a brand better placed to operate this unique property, given Hyatt’s global expertise and the enthusiasm demonstrated to engage with our sustainable and regenerative commitments. We look forward to welcoming guests to experience a new level of barefoot luxury tourism.”
Once open, Grand Hyatt The Red Sea will become the seventh Hyatt in the Kingdom of Saudi Arabia joining Park Hyatt Jeddah – Marina, Club and Spa, Grand Hyatt Al Khobar Hotel and Residences, Jabal Omar Hyatt Regency Makkah, Hyatt Regency Riyadh Olaya, Hyatt Place Riyadh Al Sulaimania and Hyatt House Jeddah Sari Street.
For more information, please visit www.hyatt.com.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 20 premier brands. As of June 30, 2021, the Company's portfolio included more than 1,000 hotel and all-inclusive properties in 68 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries operate, manage, franchise, own, lease, develop, license, or provide services to hotels, resorts, branded residences, and vacation ownership properties, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by Hyatt™, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by Hyatt™, Hyatt House®, Hyatt Place®, tommie™, UrCove, and Hyatt Residence Club® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.
About The Red Sea Development Company
The Red Sea Development Company (TRSDC - www.theredsea.sa) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use, as well as a circular waste management system to achieve zero waste to landfill.
Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 600 contracts signed to date, worth over SAR 17bn ($4.5bn).
The 100-hectare Landscape Nursery, which will provide more than 25 million plants for the destination, is now fully operational. There are more than 9,000 workers currently on-site and 80km of new roads are now complete, including the new airport road, to better connect the destination. The Construction Village, set to house 10,000 workers, is now open and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the duration of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and longer-term effects of the COVID-19 pandemic, including the demand for travel, transient and group business, and levels of consumer confidence; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the broad distribution of COVID-19 vaccines and wide acceptance by the general population of such vaccines; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, such as the COVID-19 pandemic, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
+1 312 780 5797
Milica Ferreira da Silva
Hyatt – Europe, Africa and the Middle East
Q Communications, Dubai
Source: Hyatt Hotels Corporation
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Microsoft (MSFT) CEO Nadella Sells Over 800 Thousand Shares
- Black Friday & Cyber Monday Tempur-Pedic Mattress Deals 2021: Best Tempur-Adapt, Tempur-Breeze & More Deals Ranked by Spending Lab
- Pinduoduo (PDD) Reports Q3 Revenues of RMB 21.5B, Adjusted Net Income of RMB 3.15B
Create E-mail Alert Related CategoriesBusiness Wire, Press Releases
Related EntitiesDividend, Stock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!