| CHICAGO - Aug. 24, 1999--Chicago-based Hyatt
Hotels Corporation and LR Development Company announced plans today to
redevelop the historic 109 year-old Arcade in downtown Cleveland into a
294-room Hyatt hotel with 55,000 square feet of retail space.
Located in Cleveland�s historic Gateway Neighborhood district, in the
heart of downtown, the Arcade, originally built in 1890 by J.D. Rockerfeller,
consists of two office towers on Superior Street and Euclid Avenue joined
by a five-story retail arcade covered by an impressive iron and glass skylight.
The project, which is being developed by Chicago-based LR Development,
marks Hyatt�s first property in Cleveland. The Arcade will officially close
on October 31, 1999 and will undergo a $60 million renovation.
When completed in the spring of 2001, a Hyatt hotel will occupy the
two office towers and the upper three floors of the Arcade. The hotel lobby
will be located at the top of the grand staircase in the Superior Street
tower and will open onto the Arcade.
The 294-rooms include five junior suites, four hospitality suites and
a deluxe suite. The meeting space will be plentiful with two banquet rooms,
two meeting rooms and four boardrooms totaling almost 12,000 square feet
of meeting space. The hotel will also include a 150-seat restaurant, a
lobby lounge and health club.
The first two floors of the Arcade will be comprised of retail space
consisting of restaurants, a food court, boutiques and shops to serve hotel
guests, tourists and downtown Cleveland.
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