Landmark hotel changes hands in £38.6m deal

ONE of Birmingham’s landmark hotels, the Hyatt Regency on Broad Street, has been bought by a Middle Eastern investment group for £38.6m.

Bin Otaiba Investment Group has taken over the 24-storey hotel, which was owned by an affiliate of the Hyatt Hotels Corporation, and plans an additional investment £2.7m in the next three years to improve the property.

Bin Otaiba is based in the United Arab Emirates and owns a portfolio of hotels, mainly in the Middle East and including the Hilton Sharjah, the Millennium Hotel Abu Dhabi, and Embassy Suites Hotel in Sharjah. 

Steve Haggerty, Hyatt’s global head of capital strategy, franchising and select service, said: “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 4-star, 319-bedroom hotel was built in 1990 in a joint venture between Hyatt, Birmingham City Council and Trafalgar House.