Grand Hyatt Bogota to be part of monumental Ciudad Empresarial Sarmiento Angulo mixed use project
297-Room Grand Hyatt Bogota is the 13th Hyatt-branded hotel under development in Latin America
CHICAGO--(BUSINESS WIRE)--Jun. 22, 2012-- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Bienes y Comercio, S.A. for a Grand Hyatt hotel in Bogota, Colombia. Owned and constructed by Organización Luis Carlos Sarmiento Angulo, the hotel will be an integral part of the Ciudad Empresarial mixed use project, which occupies a prime location in the area of Ciudad Salitre, close to Bogota's El Dorado International Airport. The mixed used project occupies approximately 925,000 sq ft (86,000 sq m) and is planned to have 18 office towers with an aggregate of over 6.5 million sq ft (600,000 sq m) of leasable area and more than 226,000 sq ft (21,000 sq m) of retail space that will include high end shops, a cinema, food and beverage outlets, and meeting and conference space.
"We are delighted that Grand Hyatt will be part of Ciudad Empresarial Sarmiento Angulo, which will be one of Bogota's premier commercial projects," said Pat McCudden, senior vice president, real estate and development for Hyatt Hotels & Resorts in Latin America and the Caribbean. "Grand Hyatt Bogota is set to be the first Hyatt-branded hotel in Bogota and will serve as our flagship hotel in the country. We look forward to announcing more Hyatt-branded properties in Colombia in the future."
With an investment by Bienes y Comercio, S.A. of approximately USD 130 million, Grand Hyatt Bogota will offer 297 guestrooms, including 53 suites, and is being designed by the highly regarded Chicago-based Goettsch Partners architects, who have designed numerous other Hyatt-branded hotels, including Grand Hyatt Mumbai, Park Hyatt Guangzhou and several other Hyatt-branded hotels in China. Grand Hyatt Bogota's guestrooms and suites will range in size from 473 sq ft (44.0 sq m) to 1,051 sq ft (97.7 sq m). Expected to open in early 2015, the hotel will feature two restaurants, a lobby lounge, a patisserie, and more than 24,000 sq ft (2,270 sq m) of meeting and event space, including a 10,800 sq ft (1,000 sq m) ballroom. Additional hotel amenities include a fitness center, an indoor pool, and a spa.
Located along Calle 26 (Avenida El Dorado), the hotel will be a short distance from Simón Bolívar Park, National University, the La Gran Estacion luxury retail mall, and numerous companies and government ministries, including the Chamber of Commerce, the Federal Reserve, and the U.S. Embassy.
Ciudad Empresarial, developed by Organizacion Luis Carlos Sarmiento Angulo, through its construction subsidiary Construcciones Planificadas, is the most important corporate real estate project in the history of Colombia. It will house 18 buildings once it is completed and of which four are already open and operating, housing key Colombian corporations. With a Grand Hyatt hotel, Ciudad Empresarial will complement its corporate structure and enrich Bogota´s growing skyline, giving travelers an exclusive option in one of Latin America´s most dynamic cities.
There are currently eight full service Hyatt-branded hotels in Latin America:
Grand Hyatt Bogota is the second Hyatt-branded hotel under development in Colombia, in addition to the previously announced Hyatt Regency Cartagena, which is expected to open in late 2015. Thirteen Hyatt-branded hotels are under development in Latin America, and when these properties open, there will be a total of 21 Hyatt-branded hotels in the region.
About Ciudad Empresarial
Ciudad Empresarial is the most important corporate real estate project ever built in Colombia. With an investment of about COP 2.2 billion, this mixed use project comprised of corporate offices, complementary services and shops, occupies 6.5 million sq ft (600,000 sq m) and is planned to have 18 towers. Four of the towers are already operating housing companies such as Avianca, the Colombian Infrastructure Chamber, the National Hydrocarbons Agency and Argos.
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 have 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 Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of March 31, 2012, the Company's worldwide portfolio consisted of 488 properties in 45 countries. For more information, please visit www.hyatt.com.
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, the number of properties we expect to open in the future and when we expect these properties to open, our expected capital expenditures, and other 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; 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50320592&lang=en
Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Laurie Cole, +1 312 780 5935
Karina Faber, +55 11 2838 1232
Viviana Torres, +57 1 3198400