By Abdul Rawuf
Bin Otbaiba will invest a further $3.5 million renovating the 24-storey Hyatt Regency hotel in Birmingham
A UAE-based developer has added to its portfolio of hotels with the acquisition of a UK hotel for $50 million (£38.6m).
The Hyatt Regency, one of Birmingham's landmark hotels, has been bought by UAE’s Bin Otaiba Investment Group from an affiliate of the Hyatt Hotels Corporation, according to a report in UK media.
Bin Otbaiba will invest a further $3.5 million renovating the 24-storey, 319-bedroom hotel over the next three years.
The Sharjah-based firm already has a portfolio of hotels in the UAE, including Hilton Sharjah, the Millennium Hotel Abu Dhabi, and Embassy Suites Hotel in Sharjah.
Bin Otaiba is also investing $218 million developing a 366-room hotel on Saadiyat Island, which will be operated by the Hilton Group.