CHICAGO--(BUSINESS WIRE)--Feb. 29, 2012--
Hyatt
Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate
entered into a management agreement for
Park Hyatt Busan
with Hyundai
Development Company, a Seoul-based real estate developer and
construction company and owner of Park Hyatt Seoul. Slated to open in
2013,
Park Hyatt Busan
will be part of an iconic, mixed use development
project comprised of three residential towers, one office tower, and
retail space, which will be located on a prominent 10-acre site adjacent
to Haeundae Beach, a beach destination in Busan, South Korea.
“The Park Hyatt Busan project demonstrates the diversity and versatility
of our efforts to enhance guest loyalty by expanding the presence of all
Hyatt-branded hotels around the world in destinations like Busan where
our guests are traveling,” said
Ratnesh Verma
, senior vice president,
real estate and development for Hyatt Hotels & Resorts. “The quality of
the Park Hyatt brand and the location of this project are expected to
provide great appeal to business and leisure travelers alike.”
Park Hyatt Busan
will feature 268 guestrooms, including 69 suites, that
will range from 535 sq ft (49.7 sq m) to 2,150 sq ft (200 sq m). The
hotel will also offer more than 7,700 sq ft (715.3 sq m) of meeting and
event space, in addition to two restaurants, lobby lounge, fitness
center, seven-treatment room spa, and an indoor pool. The newly
constructed hotel is designed by New York architect
Daniel Libeskind
,
and Tokyo-based Super Potato is designing the hotel’s interiors.
“We are delighted and honored to work with Hyatt on a second Park Hyatt
project,” said Hyundai Development Company. “With the great success of
Park Hyatt Seoul, we look forward to introducing the Park Hyatt brand to
Busan, one of the most popular beach destinations in South Korea.”
Park Hyatt Busan
will be set along the Busan coastline in South Korea’s
second largest city, which is a popular destination for Korean and
international travelers. Busan is home to many shopping and commercial
areas, including the world’s largest department store, Shinsegae Centum
City, universities and graduate schools, museums, and religious and
historical sites, including temples and fortresses. The hotel will be
accessible via Gimhae International Airport, the KTX high-speed train
and ferry.
Currently, discerning global travelers look to Park Hyatt for luxurious,
elegant accommodation and personalized, attentive service in 28
locations, including Abu Dhabi, Baku, Beaver Creek, Beijing, Buenos
Aires, Canberra, Carlsbad, Chicago, Dubai, Goa, Hamburg, Istanbul,
Jeddah, Melbourne, Mendoza, Milan, Moscow, Ningbo, Paris, Republic of
Maldives, Saigon, Seoul, Shanghai, Sydney, Tokyo, Toronto, Washington,
D.C., and Zurich.
In addition to
Park Hyatt Busan
, 18 other previously announced Park
Hyatt hotels are under development in the following locations: Além-Tejo,
Portugal; Bangkok, Thailand; Changbaishan, Guangzhou, Hangzhou, and
Sanya Sunny Bay, China; Chennai, Delhi, Hyderabad, Jaipur, Kolkata, and
Mumbai, India; Doha, Qatar; Marrakech, Morocco; New York, United States;
Riyadh, Saudi Arabia; St. Georges, Bermuda; and Vienna, Austria.
There are currently four other Hyatt-branded hotels in South Korea: Park
Hyatt Seoul, Grand Hyatt Seoul, Hyatt Regency Incheon, and Hyatt Regency
Jeju.
About Park Hyatt
Intimate and residential in style, Park Hyatt hotels promise gracious
service on a personal scale. Located in many of the world’s premier
destinations, each Park Hyatt hotel combines elegance with distinctive
regional character. Park Hyatt hotels feature sophisticated interiors,
meeting and special event spaces for small groups and social occasions,
critically acclaimed art programs, and signature restaurants featuring
award-winning chefs. For more information, visit www.parkhyatt.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 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 Vacation
Club®, which is changing its name to Hyatt Residence ClubTM.
As of December 31, 2011, the Company's worldwide portfolio consisted of
483 properties in 45 countries. For more information, please visit www.hyatt.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,
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forward-looking statements are necessarily based upon estimates and
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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; hostilities, including future
terrorist attacks, or fear of hostilities that affect travel;
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caution you not to place undue reliance on any forward-looking
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undertake no obligation to update publicly any of these forward-looking
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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 Corporation
Laurie Cole, +1 312 780 5935
laurie.cole@hyatt.com
or
Hyatt
Hotels & Resorts – Asia Pacific
Karen Chung, +852-2768-1271
karen.chung@hyatt.com