News for the Hospitality Executive
Hyatt and Bahagia Investment Corporation Unveil Plans for
CHICAGO, June 15, 2011 -- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into an agreement with Bahagia Investment Corporation (Malaysia) Sdn Bhd to manage Grand Hyatt Kuala Lumpur. The hotel is under construction and is expected to open in 2012.
Grand Hyatt Kuala Lumpur will be part of an iconic, mixed use complex. The hotel, occupying floors 17 through 39 of the property, will feature 412 guest rooms, including 42 suites and will offer over 33,000 square feet of meeting and event space, a 228-seat cafe, a 298-seat specialty restaurant with multiple cuisines, a 74-seat Sky Lobby Lounge, a 102-seat poolside restaurant and bar, a spa with 11 treatment rooms, and a swimming pool.
There are currently 51 Hyatt-branded hotels in Asia Pacific and Grand Hyatt Kuala Lumpur will join the two existing Hyatt-branded hotels in Malaysia: Hyatt Regency Kinabalu and Hyatt Regency Kuantan Resort. There are 16 other Grand Hyatt hotels in the region's key gateway cities and destination resorts, including Bali, Bangkok, Beijing, Jakarta, Seoul, Shanghai, Singapore, and Tokyo.
Grand Hyatt Kuala Lumpur will be located in the Golden Triangle area of Kuala Lumpur, in a prime location on Jalan Pinang road close to the Kuala Lumpur City Centre ("KLCC") and the iconic Petronas Towers.
Kuala Lumpur is an internationally recognized tourist and business destination. With a metropolitan population of approximately 7.2 million, it is the largest city in Malaysia and a key leisure location. Many of Malaysia's major commercial banks and financial institutions are headquartered in Kuala Lumpur, as are many Malaysian companies, making it an international gateway city.
"In 2010, Malaysia attracted over 24.5 million tourists – rivaling that of countries such as Mexico, Germany and Turkey," said Willi Martin, area vice president, Southeast Asia, Hyatt Hotels and Resorts. "We see Grand Hyatt Kuala Lumpur as a remarkable opportunity to expand the presence of the Hyatt brand into a principal city in the rapidly emerging Southeast Asia market."
Given its central location, Grand Hyatt Kuala Lumpur will serve visitors to nearby offices and leisure attractions. Grand Hyatt Kuala Lumpur will be located in close proximity to fashion hubs and business centers, museums, memorials and galleries, and within driving distance of natural preserves. Kuala Lumpur boasts the best of many cultures and an immersive experience for travelers from all corners of the world.
In addition to Grand Hyatt Kuala Lumpur, twelve other Grand Hyatt properties are currently under development around the world. Grand Hyatt hotels feature spectacular, distinctive properties in mixed-use developments or stand alone buildings in major gateway cities and resort locales around the world. Signature elements include dramatic lobbies, innovative dining options, state of the art technology, distinctive spa and fitness centers, and comprehensive business and meeting facilities. Across all Hyatt brands, more than 30 new properties opened in 2010, and 140 contracts for new properties were executed.
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 Summerfield Suites® brand names and have locations on six continents. Hyatt Residential Group, Inc. , a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences ™ and Hyatt Vacation Club® , which is changing its name to Hyatt Residence Club ™ . As of March 31, 2011, the Company's worldwide portfolio consisted of 451 properties in 43 countries. For more information, please visit www.hyatt.com .
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 rate and pace of economic recovery following the economic downturn; levels of spending in business and leisure segments 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
Hyatt Hotels Corporation
Hyatt Hotels & Resorts
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