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Hyatt and Tamdeen Group Announce Plans for Hyatt Regency Al Kout Mall

November 19, 2018

CHICAGO--(BUSINESS WIRE)--Nov 19, 2018--Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with a Tamdeen Group subsidiary for Hyatt Regency Al Kout Mall, which will reintroduce the Hyatt Regency brand into Kuwait, and further build Hyatt’s growing portfolio in the Middle East. The announcement marks the second collaboration between Hyatt and Tamdeen Group, following the Grand Hyatt Kuwait, set to open in 2020. Hyatt Regency Al Kout Mall is currently undergoing a major renovation and is set to debut in January 2019.

The Hyatt Regency brand offers a seamless experience that places everything guests need under one roof, as well as a full range of services and amenities, including notable culinary experiences, technology-enabled facilities for collaboration, a space to work, engage or relax, and the expert planners who adhere to every detail.

The property will be an integral part of the multifaceted Al Kout Development, Kuwait’s largest waterfront, retail and leisure destination that offers world-class retail, lifestyle, dining, entertainment and leisure experiences in one destination. The new Hyatt Regency Al Kout Mall will connect guests to the development’s additional offerings including: Al Kout Mall, Souq Al Kout, Al Kout Marina, Al Kout Fisherman’s Wharf, and Al Kout seaside promenade, all within convenient reach of Kuwait International Airport.

“We’re thrilled to continue our relationship with Tamdeen Group and look forward to this exciting project strengthening Hyatt’s brand presence in Kuwait,” said Ludwig Bouldoukian, Dubai-based regional vice president of development, Middle East and North Africa. “Following extensive redevelopment plans, the hotel will to cater to the requirements of on-the-go business travelers and provide an unparalleled setting for meetings. It is a great pleasure to undertake this project in conjunction with Tamdeen Group, given their undeniable reputation for exemplary developments in the region.”

The hotel will offer a multitude of areas ideal for connection, including a vibrant lobby, Regency Club and authentic food and beverage concepts, such as a speciality Italian dining venue. Guests will also enjoy fully renovated guestrooms featuring contemporary design, a brand-new ballroom and expanded meeting facilities, including a dedicated co-working space which will enhance the property’s offerings for both business and leisure guests.

Mohammed Jassim Khalid Al Marzouq, chairman of Tamdeen Group, remarked, “We are delighted to expand our existing relationship with Hyatt beyond the plans to build Grand Hyatt Kuwait. We have chosen to collaborate with Hyatt to make the best of this ideal location, as we feel that the Hyatt Regency brand perfectly aligns with both the business and leisure culture prevalent in the dynamic state of Kuwait.”

About Hyatt Regency

The Hyatt Regency brand prides itself on connecting travelers to who and what matters most to them. More than 185 conveniently located Hyatt Regency urban and resort locations in over 30 countries around the world serve as the go-to gathering space for every occasion – from efficient business meetings to memorable family vacations. The brand offers a one-stop experience that puts everything guests need right at their fingertips. Hyatt Regency hotels and resorts offer a full range of services and amenities, including the space to work, engage or relax; notable culinary experiences; technology-enabled ways to collaborate; and expert event planners who can take care of every detail. For more information, please visit  hyattregency.com. Follow @HyattRegency on Facebook, Twitter and Instagram, and tag photos with #AtHyattRegency.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of September 30, 2018, the Company’s portfolio included more than 750 properties in more than 55 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 colleagues, build relationships with guests and create value for shareholders. The Company’s subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the  Park Hyatt®, Miraval®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Andaz®, Hyatt Centric®, The Unbound Collection by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Ziva ™ , Hyatt Zilara ™ ,  Hyatt Residence Club®  and exhale®  brand names. For more information, please visit  www.hyatt.com.

About Tamdeen Group

Tamdeen Group is one of the largest privately held conglomerates in Kuwait. Through diverse holdings in real estate, entertainment, shopping centers, hotels and cinemas the group owns assets valued at USD$4 billion. The Hotel is being developed by Manshar Real Estate Company, in which Tamdeen holds full interest. Hyatt Regency Al Kout Mall will be another flagship asset beside Grand Hyatt Kuwait in Tamdeen Group’s growing hospitality portfolio.

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 our actual results, performance or achievements to differ materially from current expectations include, among others, the rate and 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; 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 the 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; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; general volatility of the capital markets and our ability to access such markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the U.S. Securities and Exchange Commission. 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181118005019/en/

CONTACT: Noha Belhaj

Hyatt – Middle East and North Africa

+971 56 818 50 26

noha.belhaj@hyatt.com

Gloria Kennett

Hyatt

312-780-5506

gloria.kennett@hyatt.com

KEYWORD: KUWAIT UNITED STATES NORTH AMERICA ILLINOIS MIDDLE EAST

INDUSTRY KEYWORD: TRAVEL DESTINATIONS VACATION LODGING

SOURCE: Hyatt Hotels Corporation

Copyright Business Wire 2018.

PUB: 11/19/2018 01:00 AM/DISC: 11/19/2018 01:01 AM

http://www.businesswire.com/news/home/20181118005019/en

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