$90 million five-star hotel in Beirut
Construction of the Grand Hyatt Beirut hotel will resume within three months, said Jihad Tannir, Executive Director of the Société Méditérranéenne des Grands Hotels, the group of Lebanese and Saudi investors behind the project.
Tannir said that the project was postponed for more than two years due to difficult market conditions. “We updated our market study and researches to restart on solid ground.” Delivery is expected in 2015. Dar Al-Handasah are the consultants for this project.
The five-star luxury hotel in Downtown Beirut will have a total built-up area of 65,000 square meters divided into 18 floors It will offer 350 rooms and suites, as well as meeting rooms, a business center, restaurants, a swimming pool, a health club, leisure facilities, and retail shops. Tannir said investment in the project reached $80-$90 million.
The hotel acquired an incentives package from the Investment Development Authority of Lebanon (IDAL) in 2005. It is expected to create around 440 jobs.
Tannir said that their feasibility studies showed very positive results about hospitality in the country. “Lebanon always faced periods of recession, followed by stability and growth, and we are betting on this cycle to pursue our business.”
Date Posted: Sep 18, 2013