CHICAGO
(November 7, 2012) – Hyatt
Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate
has entered into an agreement with Bonifacio Landmark Realty and
Development Corp. (BLC), a joint-venture company between property
developer Federal Land Inc. and Japanese financial services group ORIX
Corporation, for a Grand Hyatt hotel and Grand Hyatt branded residences
in Manila, Philippines.
Expected to open in 2015, Grand Hyatt Manila and Residences will be
part of a two-tower upscale mixed use project in the residential,
entertainment and business district of Fort Bonifacio Global City in
Metro Manila. Grand Hyatt Manila will be located on the top 14 floors
of the 66-story office and hotel tower, and will offer 438 guestrooms.
Additional hotel amenities will include a dramatic and energetic lobby,
multiple food and beverage offerings, a spa, fitness center and pool,
and comprehensive business and meeting facilities with state of the art
technology. The residences will be located in the second tower, and
will offer 220 luxury units with private access to the hotel’s
amenities, including the spa, fitness center and pool and restaurants.
Just recently, the substructure of the Grand Hyatt Manila was topped
off, marking another milestone for the project. Wong + Ouyang and Ove
Arup & Partners are the architect and engineer responsible for the
Grand Hyatt Hotel and Residences; the firms have also worked on several
other Hyatt projects, including Grand Hyatt Shanghai and Grand Hyatt
Hong Kong. Bilkey Llinas Design will design the interiors of the hotel.
“As the political, economic, social, and cultural center of the
Philippines, Manila is attracting entrepreneurs and business owners
that have an appetite for luxury brands and residences,” said Ratnesh
Verma, senior vice president of real estate and development, Asia
Pacific, Hyatt Hotels & Resorts. “Grand Hyatt Manila and Residences
is a remarkable opportunity to expand the presence of the iconic Grand
Hyatt brand in this rapidly growing Southeast Asia market.”
“We are honored to work with Bonifacio Landmark Realty and Development
Corporation and to introduce the Grand Hyatt brand to the Philippines,”
said Larry Tchou, group president, Asia Pacific, Hyatt Hotels &
Resorts. “We are confident the hotel will deliver a new hospitality
experience, and we look forward to serving the neighborhood community
as well as business and leisure travelers from around the world.”
“This milestone is testament to a fruitful relationship between
companies that share the same vision,” says Alfred V. Ty, Chairman of
Bonifacio Landmark and President of Federal Land. “It also symbolizes
the future of a modern Philippines.”
Grand Hyatt Manila and Residences will be the center of the
master-planned development Veritown Fort, which will house 11
residential projects, premier dining option and upscale retail spaces
and boutiques. Facing 7th and 8th Avenues, the hotel and residences
will provide guests and residents with convenient access to Kalayaan
Avenue and the business and residential district of Makati.
Additionally, the hotel and residences will be in close proximity to
the many restaurants and retail outlets located in High Street,
Serendra, Burgos Circle, the Fort Square, and Fort Strip, as well as
the Ayala Land’s Market! Market! shopping center.
Upon opening, Grand Hyatt Manila and Residences will be the second
Hyatt-branded hotel in the Philippines joining Hyatt
Hotel & Casino Manila.
About Grand Hyatt
Grand Hyatt features large-scale, distinctive hotels in major gateway
cities and resort destinations. With presence around the world and
critical mass in Asia, Grand Hyatt hotels provide sophisticated global
business and leisure travelers with upscale accommodations. Signature
elements of Grand Hyatt include dramatic architecture, innovative
dining options, state of the art technology, spa and fitness centers,
and comprehensive business and meeting facilities appropriate for
corporate meetings and social gatherings of all sizes.
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 September 30, 2012, the Company’s worldwide portfolio consisted
of 496 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 and interest expense 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; limited visibility with respect to
short and medium-term group bookings; the impact of hotel renovations;
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.