New hotel to become global flagship for Park Hyatt brand
CHICAGO--(BUSINESS WIRE)--Aug. 5, 2014--
Hyatt Hotels Corporation (NYSE:H) announced today that a wholly owned
Hyatt subsidiary acquired 100 percent of the 210-room
Park Hyatt New
York for approximately $390 million, inclusive of pre-opening and
related costs. Park Hyatt New York is expected to open later this month.
“With its prominent location in one of the world’s most important
markets and its elegant aesthetic, Park Hyatt New York will have a
meaningful impact on the visibility and reputation of the Park Hyatt
brand,” said
Steve Haggerty
, Global Head of Capital Strategy,
Franchising and Select Service, Hyatt Hotels Corporation. “Park Hyatt
New York is an excellent example of Hyatt using the strength of its
balance sheet to enter markets like New York that have high barriers to
entry, and acquiring whole ownership of the hotel gives us the
flexibility to recycle the asset at the appropriate time.”
The opening of Park Hyatt New York will mark an important milestone for
the Park Hyatt brand as it continues to expand in the world’s most
important gateway cities and resort destinations. Located within the
90-story glass tower that also houses One57, one of New York City’s most
luxurious condominium residences, the flagship location was designed by
Pritzker Prize-winning architect Christian
de Portzamparc and developed by Extell Development Company.
With interiors designed by award-winning interior design team Yabu
Pushelberg, Park Hyatt New York offers unprecedented luxury in the heart
of Midtown. Situated between 6th and 7th Avenues on West 57th Street in
Manhattan, the hotel will benefit from its prime location within walking
distance from Central Park, as well as its position across from the
historic Carnegie Hall.
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®, Hyatt
House®, Hyatt Zilara™ and
Hyatt
Ziva
™ brand names and have locations on
six continents. Hyatt Residential Group, Inc., a Hyatt
Hotels Corporation subsidiary, develops, operates, markets or
licenses Hyatt Residences® and Hyatt Residence Club®.
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.
The term “Hyatt” is used in this release for convenience to refer to
Hyatt Hotels Corporation and/or one or more of its affiliates.
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
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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
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plans for growth; changes in the competitive environment in our industry
and the markets where we operate; our ability to access the capital
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Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Farley Kern
+1 312 780 5506
farley.kern@hyatt.com