News for the Hospitality Executive |
advertisement
December 1, 2010 - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate sold three Chicago area hotel properties to a joint venture of AREA Property Partners and Aimbridge Hospitality and entered into long-term hotel franchise agreements with the buyers for each of the three hotels, Hyatt Lisle, Hyatt Deerfield, and Hyatt Rosemont. The combined sale price of the three properties was $51 million, and the AREA/Aimbridge joint venture plans to invest $13.5 million in capital improvements at the three properties. “The sale of these three properties supports our strategy of recycling capital in order to expand the presence of Hyatt hotels in markets in which we are not represented or are under represented,“ said Stephen Haggerty, Hyatt’s global head of real estate and development. “We are delighted to expand our relationships with AREA and Aimbridge through their purchase and management of these properties, which will continue to be Hyatt-branded.” Hyatt recently announced that it will introduce Hyatt Regency Tulsa on January 1, 2011, following the hotel’s conversion to Hyatt Regency from the Crowne Plaza brand and the completion of a long-term franchise agreement with Aimbridge. Affiliates of AREA Property Partners are the majority owner of a joint venture that owns Hyatt Regency New Orleans as well as Hyatt Regency Rochester and Hyatt Regency Tampa.
ABOUT HYATT HOTELS CORPORATION | Hyatt
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 September 30, 2010, the Company’s
worldwide portfolio consisted of 447 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, including
our Annual Report on Form 10-K. 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.
|
Contact: Hyatt Hotels Corporation |