Hyatt House San Juan
will be the first Hyatt House hotel in the
Caribbean
CHICAGO--(BUSINESS WIRE)--Oct. 29, 2012--
Hyatt
Hotels Corporation (NYSE: H) announces that a Hyatt affiliate has
entered into an agreement for a Hyatt House hotel in San Juan, Puerto
Rico with an affiliate of Island Hospitality Partners, LLC, a joint
venture of PRISA Group and McConnell Valdes Consulting. Puerto Rico
Tourism Company Executive Director Luis Rivera Marín, PRISA Group
President
Federico Stubbe Jr.
and other government officials attended a
groundbreaking ceremony today, marking the construction commencement on
Hyatt House San Juan, which is expected to open in fall 2014.
Island Hospitality affiliates are also the owners of Hyatt
Place Bayamón and Hyatt
Place Manatí & Casino, which are both currently under
construction and expected to open in early 2014.
“We are glad to work with Island Hospitality on
Hyatt House San Juan
,
our third Hyatt-branded hotel project with Island Hospitality in Puerto
Rico,” said
Pat McCudden
, senior vice president, real estate and
development Hyatt Hotels & Resorts. “We believe that the Hyatt House
brand and the location of the hotel in San Juan’s convention center
district will have strong appeal to business and leisure travelers
visiting the city.”
Hyatt House San Juan
will offer 126 studio, one and two bedroom kitchen
suites, and will feature Atlantic ocean and San Juan Bay views. The
hotel will be part of a 113-acre master planned project, which currently
includes the 580,000 sq. ft. state-of-the-art Puerto Rico Convention
Center. Located in
Isla Grande
, the hotel will be in close proximity to
the Financial District in
Hato Rey
, Isla Grande Airport and the Port of
San Juan. Additionally, Hyatt House San Juan will be located near
local points of interest, including Old San Juan, the Condado district,
San Juan Central Park, and Plaza Las Américas. The hotel will be
conveniently located in front of a water taxi pier, which will provide
an alternative transportation option to surrounding areas of San Juan,
including the new Bahía Urbana waterfront development.
Hyatt House San
Juan will also be adjacent to the proposed San Antonio Light Rail
Station, which, upon completion, will provide easy access and connection
to the greater San Juan metro area.
“We believe in the Hyatt House brand and think the hotel will have
strong appeal in San Juan due to its close proximity to the Puerto Rico
Convention Center and convenient access to the airport and cruise ship
terminal,” said
Federico Stubbe, Jr.
, president of PRISA Group. “Hyatt
House San Juan is the first upscale extended stay hotel to be
built in Puerto Rico, which is a testament to the Island’s evolving and
maturing tourism market. We are excited to introduce the Hyatt House
brand to San Juan, and furthermore, to bring Hyatt’s world-class
hospitality to Puerto Rico with both the Hyatt Place and Hyatt House
brands.”
Launched in 2012, Hyatt House was designed to welcome residents rather
than guests. Inspired by extensive research of guest experiences, Hyatt
House is designed to surprise and delight with services, amenities,
upscale spaces and a casual, comfortable environment that will remind
guests of home. Residentially inspired studios, one- and two-bedroom
suites feature contemporary full kitchens, living space with flat panel
HDTVs and bedrooms with a plush bed. Complimentary Wi-Fi is available
throughout the hotel. A complimentary full hot breakfast is served daily
as well as a complimentary Evening Social with savory bites, beer and
wine. In lieu of the Evening Social, some locations have an H BAR
featuring the Sip+Savor menu and full bar. Public spaces include a
24-hour workout room, Guest Market and laundry facilities. A friendly
House Host is available to check-in guests, provide directions or help
with other needs so guests feel right at home. The brand is committed to
helping guests keep their real-life routines rolling while on the road.
For more information, please visit www.hyattdevelopment.com.
About Island Hospitality Partners
Island Hospitality Partners is a joint venture of PRISA Group and
McConnell Valdes Consulting (McVC). PRISA and McVC have combined their
expertise and resources in the planning, development, construction and
operation of hospitality, residential and mixed used projects to form
Island Hospitality Partners, LLC, creating a strong team capable of
executing all necessary tasks for the successful development projects
from conception to operation.
PRISA Group (PRISA) is a family-owned developer and builder of green
residential communities and resort hospitality projects in Puerto Rico
and Florida with over 6,000 units under planning and construction,
representing a value of over $3 billion. The firm has delivered over
3,000 units in the last 20 years and is currently developing projects in
Dorado, Vega Alta, Gurabo, San Lorenzo, and Humacao, Puerto Rico, as
well as in Tampa, Florida. PRISA Group has received numerous awards,
including Builder Member of the Decade and three Master Planned
Community of the Year Awards by the National Association of Home
Builders’ Puerto Rico Chapter.
PRISA Group is currently developing a $340 million hotel in Dorado
Beach, which is expected to open in December 2012, in addition to Hyatt
Place Bayamon & El Tropical Casino and Hyatt Place Manati & Casino. More
information is available at www.prisagroup.com.
McConnell Valdes Consulting, Inc. (McVC) is a Puerto Rico corporation
specializing in the planning, financing, development and marketing of
hospitality and mixed-use real estate projects in Puerto Rico. McVC
personnel have over 30 years of experience in the hospitality and real
estate industries and have advised local and international clients in
designing and executing complex hospitality and real estate projects in
Puerto Rico, the Caribbean and Spain.
McVC is an affiliate of McConnell Valdés LLC. This affiliation provides
the continuity and support of one of the nation’s most respected
Hispanic-owned law firms combined with the hospitality and real estate
expertise and transactional track record of the professionals at McVC.
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 June 30, 2012, the
Company's worldwide portfolio consisted of 492 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, interest expense and effective
tax rate, 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; 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.
Source: Hyatt Hotels Corporation
Hyatt Hotels & Resorts
Siân Martin, +1 312 780 5797
sian.martin@hyatt.com
or
Hyatt
Hotels & Resorts
Karina Faber, +55 11 2838 1232
karina.faber@hyatt.com