July 28, 2011- CHICAGO--Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into an agreement with Yug – Novy Vek, a subsidiary of leading Russian real estate developer Snegiri Development, to manage Hyatt Regency Sochi, which is under construction and expected to open in late 2013 in Sochi, Russia, host of the 2014 Winter Games.
“Hyatt Regency Sochi represents a key opportunity to increase preference for Hyatt’s brands in one of Russia’s top tourist destinations,” said Peter Norman, senior vice president, real estate and development for Hyatt Hotels & Resorts for Europe, Africa, and Middle East. “While the 2014 Games have heightened Sochi’s profile, it has long been a popular destination for travelers in the region. Hyatt’s Regency Sochi will join other Hyatt hotel’s in Russia, which include Ararat Park Hyatt Moscow and Hyatt Regency Ekaterinburg.”
Hyatt Regency Sochi, bordering Sochi’s scenic seaside pedestrian zone, will be a stand-alone building with 200 rooms, including 26 suites, an all-day-dining and a specialty restaurant, a lobby lounge, a specialty bar and a pool bar, a ballroom and ten meeting rooms, as well as spa facilities with eight spa treatment rooms and an outdoor swimming pool. The hotel will be located at the heart of the city’s historical center and will feature a pedestrian area behind the hotel that converges with the beachside promenade.
“Hyatt Regency Sochi is a priority project for us,” said Sergey Demin, chief executive officer of Snegiri Development, “and we have engaged the best architects and designers from the Scottish architectural firm RMJM and the French interior designer Valode & Pistre. We have also engaged Rasen Construction, a leading Turkish contractor, for construction of this complex and unique project. We are confident that Hyatt Regency Sochi will become the center of resort life in Sochi and the premier 5-star hotel in all of the famous Black Sea Riviera.”
Hyatt Regency hotels are conveniently located in urban, suburban, airport, convention and resort destinations around the world. Property sizes range from 200 rooms to more than 2,000, and feature intimate and large meeting spaces, as well as a full range of services and dining options tailored to serve the needs of conventions, business travelers or resort vacationers.
“Hyatt Regency Sochi will join the portfolio of 143 Hyatt Regency hotels around the world and will mark the first Hyatt hotel in Sochi, Russia’s largest seaside, health and holiday resort destination,” said Gebhard Rainer, managing director, Hyatt Hotels & Resorts - Europe, Africa, and Middle East. “We are delighted that we will be able to offer business and leisure travelers in Sochi the same authentic hospitality for which Hyatt is known worldwide.”
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 ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. 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
About Snegiri Development
Snegiri Development has completed 19 projects in Moscow and Russia’s regional centers, and has over 1,000,000 square meters of real estate currently under development. The company was established in 2003 under the name of ST Group Region as a spin off from ST Development, Russia’s most experienced property developer, which began its business in 1992.
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