An affiliate of Hyatt Hotels Corporation has entered into a management agreement with Kastrati Hotels & Tower for the first Hyatt-branded hotel in Albania. The 151-room Hyatt Regency Tirana is expected to open in late 2019.
“Albania is one of the fastest-growing economies in Europe and we are thrilled to announce plans for a hotel in Tirana, a city that has undergone real transformation in recent years,” said Takuya Aoyama, VP of development at Hyatt. “With a prime location in the country’s capital, the hotel will appeal to both business travelers and those looking to experience the cultural sights of the city.”
The hotel, 15 kilometers from the Rinas Mother Theresa International Airport, also will be close to national landmarks such as the Presidential Palace, Palace of Congress, National Park and the soon-to-open National Arena.
“The Hyatt Regency brand is globally recognized and will attract visitors to this remarkable city,” said Leonard Kastrati, owner of Kastrati Hotels & Tower shpk. “We look forward to a successful cooperation with Hyatt and the brand’s first hotel in Albania. We were also happy to collaborate with Colliers International London and Tirana offices who brokered this tremendous deal.”
Hyatt Regency Tirana will become the fifth Hyatt Regency hotel in southeast Europe, joining Hyatt Regency Thessaloniki and Hyatt Regency Belgrade, along with the previously announced Hyatt Regency Sofia and Hyatt Regency Zadar.
Last year, Albania's government relaxed its formerly strict regulations on upscale and luxury hotels. This new initiative falls in line with the current tourism boom in the country, where the industry has rapidly gained momentum as Albania has focused on formalizing the market, codifying hotel ratings and seeking out foreign investment in hotel development.