Belize’s Grand Hyatt and the Golden Nugget resort chains, which operate in the same territory as the Grand Hyat resort chain, will be sold to the United Arab Emirates in the coming days, according to an announcement by the resort companies.
The announcement was made at a press conference on Thursday.
The sale of the resorts will take place on April 11, 2020, with the purchase price of the company’s shares, which currently have a market value of $5.5 billion, set to increase to $7.5 bn.
This is the first time that a foreign company will be able to buy the Grand Hotels chain.
The Dubai-based Grand Hotel chain has been the largest hotel operator in the world for the past eight years.
It is the largest operator of luxury resorts in Africa, South America and Asia.
The Grand Hyatts are part of the Grand Group, which owns and operates over 30 hotels in the Middle East and Africa.
The Grand Group also owns the Gold Coasts resort chain in the region.
The Gold Coast resorts have been widely used as a vacation destination in the past by people who are on vacation and are seeking to find accommodation that is more accessible and affordable than other hotels.
The sale of Grand Hotellands resorts is expected to generate $3.6 billion in additional revenues, which will help the company strengthen its financial position, the announcement said.
The Abu Dhabi-based company has a total hotel occupancy rate of 5.7 percent in the UAE.
It operates the Grand Resort Group, Gold Coasters and other resorts in the country.