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Management Agreements for Three New Hotels in China's Jiangsu Province
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| January 6, 2010 - HONG KONG--(BUSINESS WIRE)--Hyatt Hotels
Corporation (NYSE: H) and Suning Real Estate Development Co. today
announced the signing of agreements for Hyatt subsidiaries to provide
management services to three hotels in the vibrant hubs of China’s
Jiangsu province. Grand Hyatt Nanjing is currently slated to
open in 2013 and Hyatt Regency Wuxi and Hyatt Regency
Xuzhou are projected to debut in 2012. Grand Hyatt Nanjing is slated to open in the historic city of Nanjing in 2013 as an integral part of the mixed-use development, Suning Plaza. This large-scale complex in the prominent Xin Jie Kou district of Nanjing will consist of Grand Hyatt Nanjing, luxury serviced residences, a shopping mall, and facilities for dining, leisure and entertainment. The 400-room hotel will feature innovative food and beverage concepts, a grand ballroom and several meeting rooms as well as an atmospheric spa and fitness center. When completed, Grand Hyatt Nanjing will join the select circle of Grand Hyatt properties in Greater China that currently includes locations in Beijing, Shanghai, Guangzhou, Hong Kong, Taipei, and most recently Macau and Shenzhen. Anticipated to open in 2012 as part of Suning Plaza, the 350-room Hyatt Regency Wuxi will be part of a two tower mixed-use development in Wuxi. The 70-story North Tower will feature the hotel on the upper levels, serviced residences on the middle levels and office space on the lower levels. The 41-story South Tower will contain additional serviced apartments. An eight-story wing of the South Tower will provide extensive space for a shopping arcade, food and beverage outlets, a cinema and other leisure facilities. Hyatt Regency Wuxi will boast four restaurants and bars, an 800-square-meter ballroom and 10 multi-function rooms of varying sizes. Guests at the hotel will be able to de-stress at a spa with six treatment rooms and fitness center. In the mixed-use development Suning is planning to construct in Xuzhou, Hyatt Regency Xuzhou will be ensconced in the upper levels of a 60-story tower, which is one of five towers that will make up Suning Plaza in the city center. The lower levels of the tower will have serviced apartments and offices. A six-story wing will contain a shopping mall, restaurants and bars as well as leisure facilities. The 350 guestrooms will have a contemporary design and the hotel will offer travelers the latest technology tools, stylish restaurants and lounges, a grand ballroom and meeting venues as well as a spa and fitness center. Hyatt Regency Xuzhou is slated to open in 2012. Steve Haggerty, global head of real estate and development for Hyatt Hotels Corporation, said of the latest Hyatt properties planned for China, “These future openings in three of China’s most dynamic growth centers will further strengthen the Hyatt-branded portfolio in the country. We look forward to delivering authentic hospitality to business and leisure travelers.” Six Hyatt-branded hotels have opened in Greater China in the past 18 months, including Park Hyatt Shanghai, Park Hyatt Beijing, Grand Hyatt Macau, Grand Hyatt Shenzhen, Hyatt Regency Hong Kong, Sha Tin, and Hyatt Regency Hong Kong, Tsim Sha Tsui. Hyatt’s subsidiaries currently provide management services to 15 hotels in the region. About Hyatt Hotels CorporationHyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family in 45 countries strive to make a difference in the lives of the guests they encounter every day, by providing authentic hospitality. The company’s subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt Summerfield Suites™ brand names and have locations under development on five continents. Hyatt Vacation Ownership Inc, a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of December 31, 2009, the company’s worldwide portfolio consisted of more than 415 properties. For more information, please visit www.hyatt.com. Forward-Looking Statements Statements in this press release, which are not historical facts, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the depth and duration of the current economic downturn; levels of spending in the business, travel and leisure industries as well as consumer confidence; declines in occupancy and average daily rate; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; fluctuations in currency exchange rates; general volatility of the capital markets and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements |
Hyatt Hotels & Resorts |