Sharjah’s Bin Otaiba Investment Group has purchased The Hyatt Regency in Birmingham the UK. 

The company inked a deal worth £38.6 million (Dh184m) with New York-listed Hyatt Hotels for the property with plans to spend another £2.7m to renovate over the next three years. The hotel will retain its Hyatt Regency branding through a management agreement. The 4-star hotel is close to Centenary Square, in the centre of the West Midlands city.

Steve Haggerty, Hyatt’s global head of capital strategy, franchising and select service, said: “We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy.

“This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in the Hyatt Regency brand.”

Hyatt Regency Birmingham comprises 319 rooms, a restaurant, gym, spa and terrace bar. It is adjacent to Centenary Square and the International Convention Centre (ICC)