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Tue 27 Sep 2016 12:13 PM

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UAE developer invests $50m in UK hotel acquisition

Bin Otbaiba will invest a further $3.5 million renovating the 24-storey Hyatt Regency hotel in Birmingham

UAE developer invests $50m in UK hotel acquisition

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.

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