CHICAGO--(BUSINESS WIRE)--May 21, 2014--
Hyatt Hotels Corporation (NYSE:H) and Coco Palms Hui LLC today announced
a Hyatt affiliate has entered into a management agreement with Coco
Palms Hui LLC for The Coco Palms Resort on Kauai, Hawaii.
Devastated by Hurricane Iniki in 1992, the revitalization of the
363-room historic hotel is scheduled to begin in early 2015 and
following a two-year reconstruction period, it is scheduled to re-open
in early 2017. The Coco Palms Resort redevelopment is being spearheaded
by the owner and developer, Coco Palms Hui LLC, and it will continue to
operate as The Coco Palms Resort under the umbrella of Hyatt.
The Coco Palms Resort was originally built in 1953 with just over 20
guestrooms on grounds that were once home to Kauai’s last reining queen,
Queen Deborah Kapule Kekaiha`akulou. Nestled in one of the largest
coconut groves in the state, the character and charm of the resort
quickly elevated it as one of the most sought after destination resorts
in Hawaii. In 1961, the on-property filming of Blue Hawaii made
it world famous. Screen legends from Hollywood’s Golden Age flocked to
the resort and contributed in setting the tone for the resort’s storied
past. Under the direction of
Grace and Gus Guslander
, The Coco Palms
Resort expanded to over 400 guestrooms and set a standard for Hawaiian
hospitality rich in storytelling and culture.
Tyler Greene
, manager of Coco Palms Hui LLC states, “Mahalo to the local
and state government for their support of the redevelopment efforts of
the historic Coco Palms Resort. Our endeavor to revitalize the grounds
and rebuild, all the while preserving the soul of the iconic resort is
an ambitious project. We are delighted to join forces with Hyatt,
another Hawaiian icon of hospitality that has been delivering authentic
hospitality to guests for over 30 years in Hawaii. Hyatt is the perfect
leader to steer a thoughtful, honorable and rejuvenated guest experience
at The Coco Palms Resort.”
The Coco Palms Resort is located in the Wailua area of southeastern
Kauai. It is approximately five minutes from the town of Kapaa, which
was recognized as one of “America’s Prettiest Towns” by Forbes Magazine
in 2013 and is a short drive from Lihue International Airport. The
resort’s redevelopment plan will preserve the original footprint of the
property and signature lagoon, while rebuilding approximately 331
guestrooms and 32 bungalows, multiple restaurants, lounges and swimming
pools. The guest experience will be enhanced by the adjacent Wailua
Beach and River, one of the largest coconut groves on the Hawaiian
Islands and sweeping views of the Nounou Mountain, locally known as the
Sleeping Giant. Currently plans are in progress for the catalogue and
potential restoration and reuse of historic and unique elements of the
hotel. A community center highlighting the cultural significance of the
site will be located on property which will serve to educate residents
and visitors about the area’s native culture, history and arts.
“The redevelopment of The Coco Palms Resort is not just a feel-good
story. The investment of time, money and labor to revitalize the resort
grounds and reignite the spirit of this legendary hotel is great news
for our community,” said Kauai Mayor
Bernard Carvalho, Jr.
“We are
delighted that Coco Palms Hui LLC has chosen Hyatt to manage The Coco
Palms Resort. Hyatt’s brand presence in our community with Grand Hyatt
Kauai Resort & Spa is exemplary and we look forward to Hyatt’s
contributions as our community continues to grow in importance as a
tourist destination.”
Jordan Meisner
, senior vice president of operations for Hyatt stated,
“In Kauai, our brand presence is underscored by the excellent reputation
and memorable experiences that Grand Hyatt Kauai Resort & Spa associates
have created for guests for the past 23 years. From stories of wonderful
vacation adventures to loving wedding and honeymoon memories, Hyatt has
been a welcoming host. We look forward to welcoming a new generation of
visitors to The Coco Palms Resort along with our owners Coco Palms Hui
LLC, all the while recognizing and honoring the spirit and history of
the resort.”
Hyatt’s history on Hawaii spans over three decades, and bears a strong,
thirty-plus year ongoing commitment to both associates and visitors of
Hawaii. In addition to Grand Hyatt Kauai Resort and Spa, Hyatt’s
presence in Hawaii includes the recently opened Andaz Maui at Wailea
Resort, Hyatt Regency Maui Resort & Spa, Hyatt Regency Waikiki Beach
Resort and Spa and Hyatt Place Waikiki Beach. Through job opportunities
and each hotel’s participation in cultural events and charitable
involvement, Hyatt hotels are active members of the communities that
they serve.
Hyatt continues to grow its portfolio across all brands globally. As of
March 31, 2014, the Company's executed contract base consisted of
approximately 240 hotels or approximately 54,000 rooms. For more
information, please visit www.hyattdevelopment.com.
The term "Hyatt" is used in this release for convenience to refer to
Hyatt Hotels Corporation 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, 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 March 31, 2014, the Company's worldwide portfolio consisted of 554
properties in 47 countries. For more information, please visit www.hyatt.com.
About Coco Palms Hui LLC
Coco Palms Hui, LLC was formed by
Tyler Greene
and
Chad Waters
of the
Greene Waters Group at Bridge Real Estate to rebuild and operate the
historic Coco Palms Resort. The Greene Waters Group is focused on the
acquisition and development of value-add real estate opportunities
exclusively within the Hawaiian Islands. Founded in 2009 by
Tyler Greene
and
Chad Waters
, Bridge has successfully established asset-purchasing
teams on all four major Hawaiian Islands. These teams created a
foundation for real estate investment, which have included bulk condo
purchases, condo and hotel conversions, new construction development
projects, and a numerous residential subdivision projects. The
privately-held company is headquartered in Honolulu, HI.
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
or
Aurelia
Vasquez, +1 312 780 5873
aurelia.vasquez@hyatt.com