Hyatt to Launch a Regency Hotel in Albania

TIRANA, December 7

A Hyatt affiliate will represent the American multinational hospitality company in the Albanian market following a management agreement signed on Thursday in Tirana. The corporation announced that the Hyatt-branded hotel in Albania will mark continued growth for the brand in Southeast Europe.

“Albania is one of the fastest growing economies in Europe and we are thrilled to announce plans for a hotel in Tirana, a city that has undergone real transformation in recent years,” Hyatt deputy president development Takuya Aoyama said.
He highlighted that with a prime location in the country’s capital, the hotel will appeal to both business travelers and those looking to experience the cultural sights of the city.
The brand affiliate will manage the premises of former Sheraton, currently under the name of Mak Albania.

Tax incentives and the increased number of international tourist arrivals are directing the construction sector toward the hospitality industry. In the last stimulus package, the Albanian government decided that all the four and five-star hotels and resorts will be exempt from corporate income tax for a ten year period. Meanwhile, the Value Added Tax (VAT) for all the services supplied by five-star hotels was set at six percent. In the meantime, four-star hotels benefit the six percent VAT only for per night stay service.
The purpose of the stimulus package is to attract strategic investors as well as to improve the quality and capacities offered by the hospitality industry.

News Source: local media
Photo Credit: ATA