Hyatt Hotels Corporation has sold the UK's Hyatt Regency Birmingham for approximately £38.6 million to Bin Otaiba Investment Group, a real estate group based in Sharjah, UAE. Its other assets include, according to Bloomberg, the Hilton Sharjah, the Millennium Hotel Abu Dhabi and the Embassy Suites Hotel in Sharjah.
In addition to the acquisition, Bin Otaiba is expected to spend approximately £2.7 million on a renovation. The 319-room hotel will remain branded a Hyatt Regency with Hyatt as the manager.
“We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy,” said Steve Haggerty, Hyatt’s global head of capital strategy, franchising and select service. “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.”
The Hyatt Regency Birmingham is adjacent to Centenary Square with easy access to the International Convention Centre (ICC) via a bridgeway. It is also across from Birmingham’s Symphony Hall and 10 minutes by train to Birmingham-Shuttlesworth International Airport and the National Exhibition Centre (NEC).