Hyatt Announces Plans for Grand Hyatt The Red Sea in the Kingdom of Saudi Arabia
Hyatt Hotels Corporation (NYSE: H) has entered a management agreement for a new 430-room Grand Hyatt hotel on Shaura Island, part of the Red Sea Project in Saudi Arabia. This hotel will be the largest among 11 planned for the island and represents a significant step in Hyatt's luxury expansion in the Middle East. The property is designed to harmonize with its natural surroundings and will feature diverse amenities, including a marina and golf course. The project prioritizes sustainability, aiming for renewable energy and reduced CO2 emissions, and is projected to open as part of the Red Sea Project's first phase.
- New 430-room Grand Hyatt hotel enhances Hyatt's luxury portfolio in the Middle East.
- Located in a prime tourist development, expected to attract international visitors.
- Project emphasizes sustainability, targeting renewable energy and eco-friendly operation.
- None.
Grand Hyatt
Slated to open as part of phase one of the
Located in close proximity to the soon to be developed
“Grand Hyatt
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
Once open, Grand Hyatt
For more information, please visit www.hyatt.com.
The term “Hyatt” is used in this release for convenience to refer to
About
About
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
The 100-hectare
Forward-Looking Statements
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
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