Hyatt Place Manatí is currently under construction and expected to
open in early 2014
CHICAGO--(BUSINESS WIRE)--Aug. 21, 2012--
Hyatt
Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate
has entered into an agreement for a Hyatt Place hotel in Manatí, Puerto
Rico with Island Hospitality Partners, LLC, a joint venture of PRISA
Group and McConnell Valdes Consulting. Island Hospitality is also the
owner of Hyatt
Place Bayamón Hotel & El Tropical Casino, which is currently
under construction and is expected to open in 2014.
Hyatt Place Manati, which is expected to open in early 2014, will have 104 guest rooms in a five-story building, with an adjoining 11,500 square foot casino, and a free-standing casual dining restaurant. (Photo: Business Wire)
“We are glad to work with Island Hospitality on a second Hyatt Place
hotel project in Puerto Rico,” said
Pat McCudden
, senior vice president,
real estate and development Hyatt Hotels & Resorts. “We believe that the
Hyatt Place brand and the location of the hotel in Manatí will have
strong appeal to business and leisure travelers visiting the region.”
Hyatt Place Manatí, which is expected to open in early 2014, will have
104 guest rooms in a five-story building, with an adjoining 11,500
square foot casino, and a free-standing casual dining restaurant. The
municipality of Manatí, located less than 40 miles west of San Juan, is
headquarters to a host of multinational corporations and pharmaceutical
companies, as well as the Manatí Medical Center and Doctors’ Center
Manatí, two of Puerto Rico’s most prestigious hospitals.
“We believe in the Hyatt Place brand and think the hotels will have
strong appeal in both Bayamon and Manatí,” said
Federico Stubbe, Jr.
,
president of PRISA Group. “Hyatt Place Manatí & Casino and Hyatt Place
Bayamón & El Tropical Casino will bring Hyatt’s world-class hospitality
to Puerto Rico.”
Facilities and amenities of Hyatt Place Manatí will include spacious
guestrooms, featuring a plush bed, Cozy Corner sofa, and flat panel TV;
The Gallery, a social area with a comfortable coffeehouse vibe for
guests to unwind or grab a bite to eat; an e-room with complimentary
computer access and printing; complimentary full breakfast served daily
in the Guest Kitchen; the Market with convenient food and beverage
options, in-hotel dining, including a 24/7 Gallery Menu with fresh made
meals and appetizers; the Café, an inviting bar featuring specialty
coffees and teas, premium beer, wine and cocktails. Other amenities will
include flexible meeting space, a 24-hour fitness center, outdoor
swimming pool, and free Wi-Fi throughout the hotel.
Currently, there are more than 165 Hyatt Place hotels in operation in
the United States, with more than 35 Hyatt Place hotels under
development throughout the U.S., Europe, the Caribbean, China, Latin
America, Southwest Asia, and the Middle East. The first two Hyatt Place
hotels outside the United States are expected to open later this fall: Hyatt
Place San Jose Pinares in San Jose, Costa Rica and Hyatt
Place Hampi in Hampi, India.
About Hyatt Place
Launched in 2006, Hyatt Place brings to the upscale select-service hotel
category the authentic hospitality for which Hyatt is known. Inspired by
multitasking travellers’ 24/7 lifestyle, Hyatt Place combines stylish
design and practical amenities with forward-thinking technology and
purposeful service. Spacious guestrooms feature multiple areas to work
and relax, and include the Cozy Corner, an eight-foot sectional sofa
sleeper; plush Hyatt Grand Bed™, and ergonomic work center. For more
information, please visit www.hyattplace.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 in 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, as well as the highest honor bestowed
upon Puerto Rico developer, the
Frank Ramirez de Arellano
Award.
PRISA Group is currently developing the $340 million Dorado Beach, a
Ritz Carlton Reserve, the first in the Americas, presently in
construction and opening December 2012. 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 House
TM.
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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50383687&lang=en
Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Laurie Cole, +1 312 780 5935
laurie.cole@hyatt.com
or
Siân
Martin, +1 312 780 5797
sian.martin@hyatt.com