Hyatt Abu Dhabi
You would think to hear "Hyatt" and "Abu Dhabi" spoken together when the hotel at capital gate launches next year....but it has taken on a new meaning. The Abu Dhabi Wealth Fund has taken a 10.9% stake in Hyatt's class A shares that were floated last month:
The filing said the Abu Dhabi Investment Authority bought nearly 4.8 million, or 10.9 percent, of Hyatt's Class A common shares. Its overall stake in the company is considerably lower, however, because the wealthy Pritzker family holds the bulk of other stocks known as Class B shares that give it voting control over the company. ADIA spokesman Euart Glendinning confirmed the purchase Tuesday. He said the fund intends to remain a minority shareholder. Financial terms were not disclosed. Hyatt shares closed at $29.05 apiece Friday, the last trading day before the deal became public. At that price, ADIA's stake is worth about $139.4 million. ADIA is the largest of several investment funds Abu Dhabi uses to invest its oil wealth. It is perhaps best known for agreeing to pump $7.5 billion in Citigroup Inc. in late 2007.
Hyatt is a reputable hotel brand - and Abu Dhabi are shrewd investors, most of the time. Nice little transaction. Apparently, the leaning tower of Abu Dhabi is still on track for completion at the end of next year.
Abu Dhabi wealth fund takes stake in Hyatt Hotels
The filing said the Abu Dhabi Investment Authority bought nearly 4.8 million, or 10.9 percent, of Hyatt's Class A common shares. Its overall stake in the company is considerably lower, however, because the wealthy Pritzker family holds the bulk of other stocks known as Class B shares that give it voting control over the company. ADIA spokesman Euart Glendinning confirmed the purchase Tuesday. He said the fund intends to remain a minority shareholder. Financial terms were not disclosed. Hyatt shares closed at $29.05 apiece Friday, the last trading day before the deal became public. At that price, ADIA's stake is worth about $139.4 million. ADIA is the largest of several investment funds Abu Dhabi uses to invest its oil wealth. It is perhaps best known for agreeing to pump $7.5 billion in Citigroup Inc. in late 2007.
Hyatt is a reputable hotel brand - and Abu Dhabi are shrewd investors, most of the time. Nice little transaction. Apparently, the leaning tower of Abu Dhabi is still on track for completion at the end of next year.
Abu Dhabi wealth fund takes stake in Hyatt Hotels
Labels: Hyatt Abu Dhabi
posted by grapeshisha at 3:49 PM
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