SANTA MONICA, Calif., Nov. 5, 2012 -- Macerich (NYSE: MAC), master-developer of Tysons Corner Center, today announced that an affiliate of Hyatt Hotels Corporation (NYSE: H ) has agreed to manage the hotel, part of the mixed-use development in McLean, Va. The 17-floor, 300-room hotel will operate under the Hyatt Regency brand, opening in 2014.
Macerich co-owns the
property with the Alaska Permanent Fund Corporation, an investor in
Corner Center since early 1985.
Hyatt Regency brand reflects what we are building at Tysons Corner
Center – a
seamless, high-quality destination combining the best in retail,
office and hotel experiences," said Art Coppola, Chairman and Chief
Executive Officer, Macerich. "Because of its appeal as a 24/7
Tysons Corner Center will be a preferred hub for business and leisure
travelers, as well as visitors for regional retail destinations such as
American Girl. Hyatt Regency is a tremendous asset for us."
"We are thrilled to
work with Macerich and Woodbine on this project, and we look forward to
bringing the Hyatt Regency hotel at Tysons Corner Center," said David
senior vice president, real estate and development for Hyatt Hotels
Resorts. "Hyatt has a strong presence in the Northern
market, and we believe Hyatt Regency Tysons Corner Center will further
leisure and business travelers to the area."
The new Hyatt Regency at
Tysons Corner Center will include an executive conference center, a
restaurant, a bar and lounge, pool and fitness center, a coffee and
shop and a business center. Additionally, the hotel will offer 15,500
feet of meeting and event space, including an 7,000-square-foot
making it an ideal destination for corporate, association and
groups. The hotel (as well as the other new project components,
office and residential towers) will be connected directly via a covered
to Tysons Corner Center, which is one of the nation's most successful
shopping centers, and the new Tysons Corner Metrorail station.
At the center of the
Tysons Corner Center expansion is a unique, elevated outdoor plaza,
an acre and a half in size, which will link all the project elements
to provide an attractive, activated outdoor venue for activities and
Hyatt plans to host corporate and social events within the dramatic,
"We are proud of
our almost 40-year relationship with Hyatt, and we know the strength
Regency flag brings to the marketplace," said John Scovell, president
CEO of Woodbine Development Corporation, third-party developer and
specialist for Tysons Corner Center. "We have no doubt Hyatt will
on its stellar reputation for authentic hospitality."
redevelopment, including a series of pedestrian walkways and bicycle
serving the area, will open in 2014, anticipated to follow the opening
new Metrorail station. The overall project includes the 22-floor Tysons
office building and a 28-story residential apartment building, both
parking and prime views of northern Virginia and beyond.
Macerich is a fully
integrated self-managed and self-administered real estate investment
which focuses on the acquisition, leasing, management, development and
of regional malls throughout the United States. Additional information
Macerich can be obtained from the Company's website at www.macerich.com.
Macerich has owned
Tysons Corner Center in the Washington, D.C., area since 2005,
continued expansion of what has become one of the largest
retail on the East Coast outside New York City. Macerich is heavily
the community, facilitating partnerships with local organizations such
Fairfax County Parks and Recreation and Fairfax County Public Schools.
Corner Center employs 10,000 people and continues to serve as a
mall drawing tens of thousands of visitors annually from around the
the world. Nationwide, Macerich owns, operates and develops diverse
properties in up-and-coming areas as well as established markets such
About Alaska Permanent
Fund Corporation (APFC)
Alaska Permanent Fund
Corporation (APFC) is a key investor in Tysons Corner Center. APFC
dedicated fund owned by the state of Alaska, known as the Alaska
Fund, which was established in 1976 to save a portion of the mineral
Alaskans anticipated the oil pipeline would produce for the state. The
invested in domestic and foreign stocks, bonds, domestic real estate
private equity, absolute return and public infrastructure investments.
Corporation, headquartered in Chicago, is a leading global hospitality
with a proud heritage of making guests feel more than welcome.
members of the Hyatt family strive to make a difference in the lives of
guests they encounter every day by providing authentic hospitality. The
Company's subsidiaries manage, franchise, own and develop hotels and
under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®,
Hyatt Place® and Hyatt HouseTM brand
names and have locations on six continents. Hyatt Residential Group,
a Hyatt Hotels Corporation subsidiary, develops, operates, markets or
licenses Hyatt ResidencesTM and Hyatt Residence
ClubTM. As of September 30, 2012, the Company's worldwide
portfolio consisted of 496 properties in 45 countries. For more
please visit www.hyatt.com
About Woodbine Development
Woodbine is a
39-year-old, full-service real estate company focused on development,
investment/acquisition and asset management opportunities across the
States. The company specializes in hotels, resorts and golf courses;
land and mixed-use developments; and real estate services provided to
corporations, non-profit organizations and individuals. Woodbine has
involved with more than $2 billion in commercial real estate projects,
including development, ownership and/or asset management of more than
hotel rooms, 18,000 acres of land and 126 holes of championship golf.
more, visit www.woodbinedevelopment.com.