Hyatt to expand Hyatt Place brand presence in Minneapolis
CHICAGO--(BUSINESS WIRE)--Oct. 30, 2012--
Hyatt
Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate
acquired a select service hotel in downtown Minneapolis and will rebrand
the hotel as Hyatt Place Minneapolis Downtown following $20 million in
capital improvements. The rebranding is scheduled for the summer of 2013.
In a move that underscores the growing relationship between the
companies, an affiliate of Summit Hotel Properties, Inc. plans to
purchase the hotel and enter into a management agreement with a Hyatt
affiliate upon completion of the improvements.
“Recycling capital to allow continued strategic growth is core to our
business approach and this transaction is the perfect example of how we
are executing that in an effort to help Hyatt and as well as owners
achieve that growth,” said
Stephen Haggerty
, Hyatt’s global head of Real
Estate and Capital Strategy group. “Summit was one of the first
companies to recognize the potential of the Hyatt Place brand and we are
excited to have identified new opportunities for us to grow the brand
and our relationship with such a valued company.”
Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel
in the Minneapolis area and offers easy access to the city’s
professional sports stadiums, including the venues for the Minnesota
Vikings, Minnesota Timberwolves and Minnesota Twins. The hotel is also
walking distance to the city’s historic Hennepin Theater District, as
well as lively restaurants, shopping and nightlife.
In early October, a Summit Hotel Properties affiliate also closed on the
acquisition of seven Hyatt Place hotels and one Hyatt House hotel, and
the company entered into an agreement with a Hyatt affiliate to manage
these eight Hyatt Place- and Hyatt House-branded hotels.
“Hyatt has invested an impressive amount of its own capital in the Hyatt
Place brand, which gives Hyatt a level of credibility with owners not
typical in the industry,” said
Dan Hansen
, president and chief executive
officer, Summit Hotel Properties. “That commitment demonstrated that
Hyatt understands how Summit approaches our business, which has been a
key factor in driving new ways to deepen our relationship.”
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment
trust (REIT) focused on acquiring and owning premium-branded
select-service hotels in the upscale and upper midscale segments. As of
October 9, 2012, the Company’s hotel portfolio consisted of 81 hotels
with a total of 8,576 guestrooms located in 21 states. Additional
information about Summit may be found at the Company’s website, www.shpreit.com.
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 travelers’ 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. Every
guestroom is also equipped with a state-of-the-art media center that
allows electronic devices to plug directly into the 42-inch,
high-definition television, giving guests instant access to the
technological amenities they’re accustomed to accessing at home or in
the office. Hyatt Place hotels also feature complimentary Wi-Fi access,
a StayFit@Hyatt fitness center, a coffee and wine bar serving specialty
coffees and premium wine and beer, and a Grab ’n Go case stocked with
freshly made sandwiches and salads. The Guest Kitchen offers
made-to-order breakfast, lunch and dinner entrées around the clock, in
addition to the a.m. Kitchen SkilletTM, a complimentary
continental breakfast served daily. Specially trained Hosts are on hand
to offer assistance with everything from directions to check-in to a
freshly made meal.
Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 160
locations throughout the United States. For Hyatt Place information or
to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.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 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
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Source: Hyatt
Hyatt
Siân Martin, +1 312 780 5797
sian.martin@hyatt.com