Spectacular ocean-front property located on Mokapu Beach in Maui,
Hawaii
CHICAGO, Oct 22, 2010 (BUSINESS WIRE) --
Hyatt Hotels Corporation (NYSE: H) and an affiliate of Starwood Capital
Group, a leading global private investment firm focused on real estate,
announced today that affiliates of Hyatt and Starwood Capital Group have
formed a joint venture to acquire an existing property and redevelop it
into Andaz Wailea Resort and Residences, an ocean front resort on Mokapu
Beach in Maui, Hawaii, within the premier master planned resort of
Wailea. Hyatt anticipates that its investment in the project will be
approximately $90 million.
Slated to open in the fourth quarter of 2012, Andaz Wailea Resort and
Residences will mark the expansion of Hyatt's Andaz brand into a key
resort market. Andaz Wailea Resort and Residences will be located along
600 feet of Mokapu Beach in one of the most sought after leisure and
resort destinations in North America. The Wailea master plan includes a
1.2 mile-long oceanfront beach path connecting all of its world class
beaches, a premier shopping center, distinguished restaurants and a
54-hole golf club and a tennis club.
Andaz Wailea will feature 255 rooms and 35 suites ranging from 456 to
2,321 square-feet, as well as six four-bedroom villas averaging
approximately 3,500 square-feet. The property will include a variety of
amenities including a three-meal specialty restaurant, cascading outdoor
pools with an adjacent bar and specialty restaurant, a 15,000
square-foot spa, gym, lobby lounge, and meeting space. The hotel will be
the second Andaz hotel designed by internationally acclaimed architect
and designer David Rockwell of Rockwell Group, following the January
2010 debut of Andaz Wall Street in New York City.
"The opportunity to develop a world-class resort along one of Hawaii's
most desirable beaches is unique, and we are delighted to partner with
Starwood Capital, a company with a long history of designing and
building world-class hotel and resort properties," said Hyatt Hotels
Corporation President and Chief Executive Officer Mark S. Hoplamazian.
"Andaz Wailea will be a great addition to Hyatt's resort portfolio and
an important new market for Andaz."
"Wailea is truly one of the world's great treasures and we are very
pleased to deepen our relationship with Hyatt through this partnership
and create a unique destination resort there," said Barry S. Sternlicht,
Chairman, Chief Executive Officer of Starwood Capital Group. "The
burgeoning Andaz brand is a perfect fit for this vibrant community and
the partnership structure with Hyatt ensures we will bring the best of
both companies together to create a stunning property. Having been
intimately involved in the design of the asset, it will be exciting to
see it come to life as the Andaz Wailea."
Personal and uncomplicated, Andaz is a new hotel experience that blends
fresh, engaging hospitality and stylish, vibrant settings, created with
simplicity and locality in mind. Andaz Wailea will join Andaz Liverpool
Street, London, Andaz West Hollywood, Andaz Wall Street, Andaz San Diego
and Andaz 5th Avenue. Additional Andaz hotels under development include
Andaz Amsterdam, Andaz Delhi, India; Andaz Papagayo, Costa Rica; Andaz
Sanya Sunny Bay, China; and Andaz Turks and Caicos.
About Andaz
Global in scale while local in perspective, Andaz delivers an innovative
hospitality experience and attentive, uncomplicated service designed to
accommodate guests' personal preferences. Hotels in this unique
collection reflect the spirit of their locale, and are dedicated to
creating natural and vibrant living spaces where travelers can indulge
in their own personal sense of comfort and style. For more information
and reservations, visit www.andaz.com.
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 in 45
countries 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(R), Park Hyatt(R), Andaz(R), Grand Hyatt(R), Hyatt Regency(R),
Hyatt Place(R) and Hyatt Summerfield Suites(R) brand
names and have locations under development on five continents. Hyatt
Vacation Ownership, Inc., a Hyatt Hotels Corporation
subsidiary, develops and operates vacation ownership properties under
the Hyatt Vacation Club(R) brand. As of June 30, 2010, the
Company's worldwide portfolio consisted of 445 properties. For more
information, please visit www.hyatt.com.
About Starwood Capital Group Global, LLC
Starwood Capital Group is a private, U.S.-based investment firm with a
core focus on global real estate. Since the group's inception in 1991,
the firm, through its various funds, has invested nearly $8 billion of
equity capital, representing over $25 billion in assets. Starwood
Capital Group currently has approximately $16 billion of assets under
management. Starwood Capital Group maintains offices in Greenwich,
Atlanta, San Francisco, Washington, D.C., and affiliated offices in
London, Luxembourg, Paris, Mumbai, Tokyo and Sao Paulo. Starwood Capital
Group has invested in nearly every class of real estate on a global
basis, including hotels, resorts, office, retail, residential, senior
housing, golf and industrial assets. Starwood Capital Group and its
affiliates have successfully executed an investment strategy that
includes building enterprises around core real estate portfolios in both
the private and public markets. Additional information about Starwood
Capital may be found at www.starwoodcapital.com.
Forward-Looking Statements
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 depth and duration of the current economic downturn; levels of
spending in the business, travel and leisure industries 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.

SOURCE: Hyatt Hotels Corporation
Hyatt Hotels & Resorts
Laurie Cole, 312-780-5935
laurie.cole@hyatt.com
or
Abernathy MacGregor
Tom Johnson, 212-371-5999
tbj@abmac.com