Egypt Remains Important to Hyatt Despite Its Exit From the Grand Hyatt Cairo
March 21, 2011Hyatt International (Europe Africa Middle East) LLC (“Hyatt”) has announced that it will exit the Grand Hyatt Cairo due to unresolved contractual disputes with the hotel’s owner.
For several weeks Hyatt has been attempting resolution through a series of urgent communications with the hotel owner, Saudi Egyptian Touristic Development Company. Regrettably, resolution of the disputes has not been possible.
“It is unfortunate that the contractual disputes have not been resolved, forcing us to exit this property, but this does not diminish how important Egypt is and will remain to the Hyatt brand,” said Gebhard Rainer, managing director, Hyatt International (Europe Africa Middle East) LLC. “We will continue to operate two Hyatt hotels in Egypt, and are interested in pursuing new development opportunities there.”
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