Hyatt Hotels Corporation, a global hospitality company, sold Hyatt Regency Birmingham through its affiliate for approximately £38.6m to an affiliate of Bin Otaiba Investment Group.
Bin Otaiba Investment affiliate will also be spending nearly £2.7m as additional capital expenditures to improve the property. The improvement will be carried out over the next three years.
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As part of the sale, a Hyatt affiliate has signed a management agreement with the Bin Otaiba affiliate and the hotel will retain its Hyatt Regency branding.
Hyatt capital strategy, franchising and select service global head Steve Haggerty said: “We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy.
“This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in the Hyatt Regency brand.”
Hyatt Regency Birmingham, located in the Birmingham city center, is a modern, four-star hotel that is adjacent to Centenary Square and is well connected.
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By GlobalDataThe hotel features 319 guestrooms and suites, including the exclusive Presidential Suite. All the guest rooms have floor-to-ceiling windows that offer views of the city.
The other amenities at the hotel include spa and club, and a 16m indoor swimming pool as well as gymnasium.
