After being suspended for more than 2 years, the construction project of Grand Hyatt Beirut, a five star luxury hotel, will be resumed within 3 months. Accordingly, the Société Méditérranéenne des Grands Hotels (the group behind the project) has delayed the execution of their project as concerns grew along with regional escalations and local developments.
The group that is formed by Lebanese and Saudi investors, decided to continue the $81million project execution with a delivery expectation in 2015. The five-star hotel will be located in Downtown Beirut and will offer world-class business facilities with high-quality standards as well as retail shops and residential suites.
The 65,000-square-meters project contains 18 floors with 350 rooms and suites and is expected to create around 440 jobs.
Grand Hyatt Beirut acquired in 2005 a Package Deal Contract (PDC) from the Investment Development Authority of Lebanon (IDAL). The PDC scheme of IDAL is mainly provided for large scale projects and is determined upon the following conditions: the project’s sector type, investment size and the number of jobs created. Under the PDC, investors will benefit from several incentives such as: up to 10Y full exemption of corporate income and project dividends taxes, 100% exemption from Land Registration Fees as well as immediate issuance of work permits of all categories. The PDC will offer 50% fee-reductions on work, residence and construction permits.