An affiliate of
Hyatt Hotels Corporation
) and Emirates Pearl for Development & Investment L.L.C. (EPDI)
entered into an agreement for the management of Grand Hyatt hotel
in Abu Dhabi. The hotel - Grand Hyatt Abu Dhabi Hotel &
Residences Emirates Pearl - is scheduled to open in 2015.
EPDI is a joint venture between a subsidiary of Atlas Group and
Tourism Development & Investment Company (TDIC). Atlas Group is
an Abu Dhabi-based business conglomerate, with diverse operations,
while TDIC develops major tourism, cultural and residential
destinations in Abu Dhabi.
The 47-storied hotel will be located on the southwest end of the
Coastal Boulevard in the upscale Ras Al Akhdar district of central
Abu Dhabi. The hotel's close proximity to shopping malls and
tourist attractions and easy access to and from Abu Dhabi
International Airport would act as a major crowd puller.
Additionally, the 368-room hotel will feature other amenities like
60 fully-furnished service apartments, restaurants, lounge, bars,
extensive meeting areas and a modern spa and fitness center.
Though traditionally second to Dubai as a tourist destination, Abu
Dhabi offers investors an attractive and convenient place for
business. A projected 15% growth of the tourism sector this year,
primarily boosted by the general recovery of the business sentiment
in the region, has prompted Hyatt to tap in on the growing demand
Hyatt currently carries a Zacks Rank #3 (Hold). Better-ranked
stocks in the same sector include
Wyndham Worldwide Corporation
Intercontinental Hotels Group plc
Marriott Vacations Worldwide Corp.
). All these stock sport a Zacks Rank #2 (Buy).
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