CAIRO Hyatt Hotels Corp. has terminated its management deal for Grand Hyatt Cairo following a dispute with owner Saudi Egyptian Touristic Development Co.
The company has not publicly characterized the nature of the dispute. Hyatt says it has unsuccessfully attempted urgent resolution of the dispute for several weeks. The flag termination is effective immediately.
“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,” says Gebhard Rainer, managing director of Hyatt in Europe, Africa and the Middle East. “We will continue to operate two Hyatt hotels in Egypt, and are interested in pursuing new development opportunities there.”
The 714-key property opened in 1998. Hyatt began managing it in 2003.
Hyatt continues to manage Hyatt Regency properties in Sharm El Sheikh and Taba Heights.