Hotel Online
News for the Hospitality Executive


advertisement



Hyatt Affiliate Acquires a Select Service Downtown Minneapolis Hotel
with Plans to Rebrand as Hyatt Place Minneapolis Downtown Following
$20 million in Capital Improvements

CHICAGO (October 30, 2012) – Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate acquired a select service hotel in downtown Minneapolis and will rebrand the hotel as Hyatt Place Minneapolis Downtown following $20 million in capital improvements. The rebranding is scheduled for the summer of 2013.

In a move that underscores the growing relationship between the companies, an affiliate of Summit Hotel Properties, Inc. plans to purchase the hotel and enter into a management agreement with a Hyatt affiliate upon completion of the improvements.

“Recycling capital to allow continued strategic growth is core to our business approach and this transaction is the perfect example of how we are executing that in an effort to help Hyatt and as well as owners achieve that growth,” said Stephen Haggerty, Hyatt’s global head of Real Estate and Capital Strategy group. “Summit was one of the first companies to recognize the potential of the Hyatt Place brand and we are excited to have identified new opportunities for us to grow the brand and our relationship with such a valued company.”

Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel in the Minneapolis area and offers easy access to the city’s professional sports stadiums, including the venues for the Minnesota Vikings, Minnesota Timberwolves and Minnesota Twins. The hotel is also walking distance to the city’s historic Hennepin Theater District, as well as lively restaurants, shopping and nightlife.

In early October, a Summit Hotel Properties affiliate also closed on the acquisition of seven Hyatt Place hotels and one Hyatt House hotel, and the company entered into an agreement with a Hyatt affiliate to manage these eight Hyatt Place- and Hyatt House-branded hotels.

“Hyatt has invested an impressive amount of its own capital in the Hyatt Place brand, which gives Hyatt a level of credibility with owners not typical in the industry,” said Dan Hansen, president and chief executive officer, Summit Hotel Properties. “That commitment demonstrated that Hyatt understands how Summit approaches our business, which has been a key factor in driving new ways to deepen our relationship.”

About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust (REIT) focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of October 9, 2012, the Company’s hotel portfolio consisted of 81 hotels with a total of 8,576 guestrooms located in 21 states. Additional information about Summit may be found at the Company’s website, www.shpreit.com.

About Hyatt Place

Launched in 2006, Hyatt Place brings to the upscale select-service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travelers’ 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Spacious guestrooms feature multiple areas to work and relax, and include the Cozy Corner, an eight-foot sectional sofa sleeper; plush Hyatt Grand Bed; and ergonomic work center. Every guestroom is also equipped with a state-of-the-art media center that allows electronic devices to plug directly into the 42-inch, high-definition television, giving guests instant access to the technological amenities they’re accustomed to accessing at home or in the office. Hyatt Place hotels also feature complimentary Wi-Fi access, a StayFit@Hyatt fitness center, a coffee and wine bar serving specialty coffees and premium wine and beer, and a Grab ’n Go case stocked with freshly made sandwiches and salads. The Guest Kitchen offers made-to-order breakfast, lunch and dinner entrées around the clock, in addition to the a.m. Kitchen SkilletTM, a complimentary continental breakfast served daily. Specially trained Hosts are on hand to offer assistance with everything from directions to check-in to a freshly made meal.

Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 160 locations throughout the United States. For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.com.

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 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 HouseTM brand names and has locations on six continents. Hyatt House is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2012, the Company's worldwide portfolio consisted of 492 properties in 45 countries. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking 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, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense, interest expense and effective tax rate, estimates, 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, general economic uncertainty in key global markets, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; 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; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; 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; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. 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:

Siân Martin
Hyatt Hotels & Resorts
+1 312 780 5797
sian.martin@hyatt.com




Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

 
To Learn More About Your News Being Published on Hotel-Online Inquire Here

 
Also See: Hyatt Hotels and Island Hospitality Partners Break Ground on New Build 126-suite Hyatt House San Juan, Puerto Rico, Expected to Open Fall of 2014 / October 2012

Hyatt Hotels Debuts in the Netherlands with the Opening of the 122-key Andaz Amsterdam Prinsengracht / October 2012

Hyatt Opens the 141-room Andaz Napa in Northern California Completing the Re-Branding of the Avia Napa / September 2012

Hyatt Hotels Signs Management Agreements for New Andaz Hotel in Gurgaon and a Grand Hyatt in Kochi for a Total of 56 Hotels Under Development in India / July 2012

Hyatt to Re-flag Avia Hotels in Napa, California and Savannah, Georgia as Andaz Napa and Andaz Savannah / March 2012

Avia The Woodlands in Texas Reflags as the Hyatt Market Street, The Woodlands / February 2012

Hyatt and Naseel Holding Company Enter Management Agreements for Three New Hotels in the Kingdom of Saudi Arabia; Agreements for Park Hyatt Riyadh, Grand Hyatt Jeddah, and Hyatt Regency Jeddah Bring Total to Six Hotels Under Development in Saudi Arabia / February 2012

John Yeadon Named Director of Sales and Marketing of the 533-room Hyatt Regency Minneapolis in Minnesota / January 2012

Hyatt Regency Indianapolis in Indiana Completes $20 Million Renovation of its 499 Guestrooms and Rooftop Restaurant / January 2012

Two Key Appointments Made for the 116-key Boutique Hyatt 48 Lex in New York; Brian Twomey Named as Assistant General Manager and Maria Ordóñez-Maloney Named as Sales Manager / January 2012

Hyatt Rebrands 38 Hyatt Summerfield Suites and 15 Hotel Sierra Hotels to HYATT house Brand / January 2012

Hyatt Introduces Hyatt House Brand in India with Agreement for Hotel in Mumbai; Continues India Growth in 2012 with Opening of Six New Hotels in Bangalore, Chennai, Hampi, Hyderabad, Pune and Raipur / January 2012

The Park Hyatt Brand Debuts in China with the Opening of the 236-room Park Hyatt Ningbo Resort and Spa / January 2012

The Fourth Edition of the Hyatt Student Prize to be Awarded on December 8, 2011; The Prize, Created to Spotlight Hospitality Careers, Provides the Winner with Direct Experience Through Visits to Hyatt Corporate Offices and Hotels / November 2011

Hyatt Hotels and Abu Dhabi National Hotels Open the 306-key Park Hyatt Abu Dhabi Hotel and Villas in Abu Dhabi / November 2011

Hyatt Hotels Enters Management Agreement with Msheireb Hospitality for the 181-room Park Hyatt Doha Currently Under Construction in Qatar / October 2011

The 499-room Hyatt Regency Indianapolis in Indiana Launches $19 Million Guestroom Renovation / October 2011

Hyatt Hotels Opens 343-room Hyatt Regency Jinan in Shandong Province, China / September 2011

Park Hyatt Sydney in Australia to Reopen Late 2011 Following a Complete Redesign / September 2011

Andrew Davidson Appointed as General Manager of the 216-room Park Hyatt Washington in the District of Columbia / August 2011

Hyatt Signs Agreement with SIGNA Holding Group to Manage 143-room Park Hyatt Vienna in Austria / August 2011

314-room Grand Hyatt Goa Opens on India's West Coast / August 2011

366-room Hyatt Regency Guiyang Opens in the Capital City of Guizhou Province, Marking the First Hyatt Hotel in Southwest China / July 2011

Hyatt and Bahagia Investment Corporation Unveil Plans for 412-room Grand Hyatt Kuala Lumpur in Malaysia / June 2011

Grand Hyatt DFW Hotel Near Fort Worth, Texas, to Begin $13 Million Renovation / May 2011

Hyatt Regency Indianapolis Petitions for National Labor Relations Board-led Workers Vote in Attempt to End Two Years of Dissention Between Management and Labor / March 2011

Hyatt International Terminates Management Agreement with Grand Hyatt Cairo; Unresolved Contractual Disputes with Owner, Saudi Egyptian Touristic Development Company, Force Hyatt Exit / March 2011

Hyatt Hotels Affiliates Sign Management Agreements for Nine New Hyatt Branded Hotels Throughout India Bringing Total to 38 Properties Under Development; Additionally the 329-room Hyatt Regency Chennai and the 314-room Grand Hyatt Goa Will Open This Year / March 2011

Hyatt Hotels Affiliate Acquires Land for New Build 408-room Grand Hyatt Rio De Janeiro; Hotel Will Be Second Hyatt-branded Property in Brazil / December 2010

The 791-room Grand Hyatt Macau Opens on the Cotai Strip in the City of Dreams Development / October 2009
..
To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.