Hyatt signs agreement with Royal Commission for AlUla to launch new Hyatt Place AlUla Hotel in Saudi Arabia
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Hyatt announced a management agreement with the Royal Commission for AlUla (RCU) for the first Hyatt-branded hotel in AlUla, Hyatt Place AlUla. Expected to open by end of 2025, the hotel will add a total of 215 keys to the Hyatt room portfolio in Saudi Arabia and provide a new destination of choice for World of Hyatt members and guests visiting the region. The planned introduction of Hyatt Place AlUla is part of broader efforts by Hyatt to showcase rich heritage and unique landscapes to international visitors. 'We look forward to adding Hyatt Place AlUla to our growing portfolio of properties in the region,' said Ludwig Bouldoukian, Regional Vice President, Development, Middle East and Africa, Hyatt. 'This significant project underscores our commitment to expanding our brand presence in key leisure and business markets. We are thrilled that this upcoming hotel will provide more choice to our World of Hyatt members looking to explore the culture and beauty of AlUla.'
Hyatt Place AlUla will include 215 modern styled guestrooms, two food and beverage outlets, meeting space, a pool, and a fitness center, ensuring comfortable stays regardless of the travel occasion. Whether traveling for work or to explore AlUla, a rising cultural destination, the new hotel will seamlessly blend functionality with its renowned charm, providing a local home-base for guests and members. Once operational, the property will participate in World of Hyatt, the industry's fastest growing loyalty program, that offers approximately 51 million members a variety of valuable benefits around the globe, such as member-only offers, room upgrades, free nights, late checkout, and more.
Abeer AlAkel, CEO of Royal Commission of AlUla (RCU), said, 'The agreement with Hyatt advances RCU's regeneration of AlUla as a great place to live, work and visit. Hyatt Place AlUla will create jobs for the community and add to the range of accommodation options for tourists and business people. Collaborations with established and knowledgeable operators such as Hyatt support the regeneration of AlUla County and honor its legacy as a hospitable meeting place for people from diverse cultures.'
AlUla is home to some of the Kingdom's most notable attractions including Saudi Arabia's first UNESCO World Heritage Site, Hegra, as well as other heritage sites as a central point of the ancient Incense Road trading route. The destination is also known with its green oasis of verdant palm trees, citrus and other native flora, iconic rock formations carved by nature over millions of years, breathtaking desert canyons and valleys, making it the ideal destination to open the second Hyatt Place hotel in Saudi Arabia. Located within 25 kilometers northwest of AlUla International Airport, Hyatt Place AlUla is set to offer seamless connectivity for international and domestic travelers.
Hyatt Place AlUla's prime central location is in proximity to key tourist attractions, from well-preserved heritage and cultural sites to picturesque landscapes, including 12th century AlUla Old Town which offers alfresco dining and boutique retail offering locally-made souvenirs, Jabal Ikmah, a mountain known for its hundreds of ancient rock inscriptions and petroglyphs, the cultural oasis including shaded outdoor eateries, art galleries and more. These treasures are central to RCU's vision to establish AlUla as a leading global destination for cultural and natural heritage.
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The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts&Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness&Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts&Spas, Dreams® Resorts&Spas, Hyatt Vivid Hotels&Resorts, Sunscape® Resorts&Spas, Alua Hotels&Resorts®, and Bahia Principe Hotels&Resorts the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr&Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services. For more information, please visit 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 actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions and political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party 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 our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission ('SEC'), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. 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.
