CHICAGO--(BUSINESS WIRE)--Oct. 2, 2014--
Hyatt
Hotels Corporation (NYSE: H) and Westmont Hospitality Group today
announced that a Hyatt affiliate has sold the 216-room
Park Hyatt
Washington to a venture comprised of Westmont Hospitality Group and
Thomas Tan
, a member of the Bestford Hospitality Group, for
approximately $100 million or $463,000 per key. The Purchaser intends to
spend approximately $5.5 million in additional capital expenditures over
the next three years. A Hyatt affiliate will continue to manage the
hotel under a new management agreement.
“We are delighted to expand our relationship with Westmont,” said
Stephen Haggerty
, global head, capital strategy, franchising and select
service for Hyatt. “This transaction is consistent with our asset
recycling strategy and allows Hyatt to retain its brand and management
presence in Washington DC, an established market with high barriers to
entry.”
Park Hyatt Washington
, designed by
Tony Chi
, is located in the
fashionable West End neighborhood, offering convenient access to the K
Street business district, Dupont Circle, Georgetown and Embassy Row. The
hotel features 12,000 square feet of state-of-the-art meeting space, the
Tea Cellar, offering rare and vintage tea selections, and the
award-winning Blue Duck Tavern, which focuses on American cuisine made
with the freshest ingredients from regional purveyors.
The term “Hyatt” is used in this release for convenience to refer to
Hyatt Hotels Corporation and/or one or more of its affiliates.
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, license, own and develop hotels, resorts, branded residences
and vacation ownership properties under the Hyatt®, Park Hyatt®,
Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt
House®, Hyatt Zilara™,
Hyatt Ziva
™, Hyatt Residences® and Hyatt
Residence Club® brand names and have
locations on six continents. As of June 30, 2014, the Company's
worldwide portfolio consisted of 563 properties in 48 countries. For
more information, please visit www.hyatt.com.
About Westmont Hospitality Group
Westmont Hospitality Group, formed in 1975, is one of the largest
privately owned hotel companies globally. The company holds alliances
with many of the world’s leading hotel brands including Hyatt,
Intercontinental, Fairmont, Hilton, Starwood, Marriott and Leading
Hotels of the World. Westmont’s hotels are located in the North America,
Europe and Asia.
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 Corporation
Amy Patti, +1 312-780-5620
amy.patti@hyatt.com