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-room 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 is in advanced stages of development. It is expected to be completed by the last quarter of 2013.
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 US$31.5 billion in 2015, and US$61.9 billion in 2020 making the Kingdom posing as a lucrative ground for any new hotel development.
Commenting Eng Ali Al Swailem, chairman, Mohammed A. Al-Swailem Co. for Commercial Investment said: “Hyatt Regency Riyadh is a very significant project for us. At the moment we are witnessing remarkable growth in the hospitality industry especially with the support given to tourism by His Royal Highness Prince Sultan bin Salman bin Abdul Aziz, president of Saudi Commission for Tourism and Antiquities.”
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.
Peter Fulton, managing director, Hyatt International further added: “Saudi Arabia is a key development market for Hyatt International. We are confident that the Hyatt Regency Riyadh will bring value to our growing presence in KSA and further strengthen our portfolio.”