Hyatt South Beach will be the first Hyatt-branded hotel in Miami
Beach, Fla.
CHICAGO, Oct 03, 2013 (BUSINESS WIRE) --Hyatt
Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate
has entered into a franchise agreement with an affiliate of Robert
Finvarb Companies to develop Hyatt South Beach, a hotel to be located at
1600 Collins Avenue in Miami Beach, Fla. An affiliate of Robert Finvarb
Companies, led by Robert Finvarb, will develop the property and the
hotel will be managed by Island Hospitality Management. Construction of
Hyatt South Beach is expected to begin in late 2013, and the hotel is
slated to open in 2015.
“We are excited to be bringing the first Hyatt- branded hotel to Miami
Beach. Hyatt South Beach will be the ideal location for travelers to
enjoy and explore the beaches and multiple attractions of Miami and
beyond,” said Robert Finvarb, CEO and founder of Miami-based Robert
Finvarb Companies. “Our company’s hotel portfolio spans across major
cities throughout the United States and we are delighted to add the
strength and innovation of the Hyatt brand to it.”
Located in the heart of the South Beach Art Deco District, Hyatt South
Beach will offer 105 guestrooms in addition to an outdoor pool, fitness
center and 10,000 square feet of prime ground floor retail space along
world-famous Collins Avenue. The hotel will be an ideal base for
business and leisure travelers visiting South Beach, as it will offer
convenient access to the area’s celebrated sandy beaches, Ocean Drive
and Lincoln Road dining and shopping areas, as well as the Miami Beach
Convention Center.
“We are thrilled to present the modern boutique style of the Hyatt brand
to one of the most vibrant, global destinations in the world in
collaboration with Robert Finvarb Companies,” said David Tarr, senior
vice president, real estate and development for Hyatt Hotels & Resorts.
“Hyatt South Beach will offer a new option for Hyatt guests visiting
Miami Beach and will introduce new customers to the Hyatt brand. We are
eager to share the Hyatt’s authentic hospitality and unique experiences
with them.”
As of June 30, 2013, the Company’s executed contract base consisted of
approximately 200 hotels across all brands and regions in which Hyatt
hotels operate. For more information, please visit www.hyattdevelopment.com.
About Hyatt
Hyatt hotels are smaller-sized properties conveniently located in
diverse business and leisure areas. With hotels typically ranging from
150 to 350 rooms, Hyatt hotels offer guests the opportunity to
experience our hospitality in a vibrant environment. Customers include
individual business and leisure travelers, and Hyatt hotels can
accommodate smaller scale business meetings and social gatherings.
About Robert Finvarb Companies
Robert Finvarb Companies (RFC) is a private real estate investment and
development company based in Miami, Florida. Robert Finvarb, founder of
the company, started his development career in 2002. Since then, RFC has
developed eleven hotels containing approximately 2000 guestrooms that
operate under various Marriott brands and are located in six states and
the District of Columbia. Currently, RFC is developing three mixed use
projects that contain both hotel and retail components in New York City
and South Beach. RFC has a reputation for developing high-quality assets
and possesses a track record of success in all market cycles. As a
private company, the principals invest their own equity in all projects
and are personally involved in all phases of the project. For over a
decade, RFC has carefully cultivated its reputation of excellence in the
hospitality industry. In addition to developing its projects from the
land acquisition stage to their opening, RFC oversees the sales,
marketing, accounting and administration functions that are primarily
undertaken by its management staff at each hotel with a sophisticated
cadre of in-house professionals.
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® brand names and have
locations on six continents. Hyatt Residential Group, Inc.,
a Hyatt Hotels Corporation subsidiary, develops, operates,
markets or licenses Hyatt ResidencesTM
and Hyatt Residence ClubTM. As of
June 30, 2013, the Company's worldwide portfolio consisted of 524
properties in 46 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. 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
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; 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; changes in the competitive environment in our industry
and the markets where we operate; 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
Aurelia Vasquez, +1 305 510 2140
aurelia.vasquez@hyatt.com