Park Hyatt Kyoto expected to open in 2019
CHICAGO--(BUSINESS WIRE)--
Hyatt and Takenaka
Corporation announced today their affiliates have entered into a
management agreement for a 70-room Park Hyatt hotel in Kyoto, Japan.
Expected to open in 2019, Park Hyatt Kyoto, will combine the elegance of
the Park Hyatt brand with the distinctive culture of Japan’s ancient
capital.
Park Hyatt Kyoto will blend the iconic city’s historic landmarks,
gardens and modern architecture to offer experiences that will capture
the harmony of traditional and modern Kyoto culture. Similar to the
existing 38 Park Hyatt hotels around the world, Park Hyatt Kyoto will be
designed as an inspiring sanctuary – a home away from home with highly
personalized service, renowned art and design, a profound reverence for
culture and exceptional food and wine.
Park Hyatt Kyoto will feature a low-rise building in consideration of
the Ninen-zaka cityscape and the surrounding landscape. Ideally located,
the hotel will be walking distance from the Kiyomizu-dera Temple, will
be surrounded by UNESCO World Heritage sites, and will boast views of
Kyoto City and the Yasaka Pagoda. There are also several historical
buildings on site, the oldest of which is a teahouse dating back 360
years.
Takenaka Corporation has come into an agreement with Kyoyamato Co.,
Ltd., owners of the renowned Sanso
Kyoyamato restaurant in Kyoto, to construct the luxury hotel on the
site, and the 67-year old restaurant will continue to remain on site and
be operated by Kyoyamato.
“For the past 22 years, the Park Hyatt brand has established a
formidable reputation in Japan, by defining and delivering understated
luxury for both international and local guests. Together with Kyoyamato
Co. and Takenaka Co., we are excited to bring the Park Hyatt brand to
Kyoto, the ancient capital of Japan. Our vision is to weave Kyoto's rich
culture and history with the Park Hyatt brand’s promise of rare and
enriching experiences,” said Hirohide Abe, senior vice president of
Hyatt, Japan and Micronesia.
“Kyoyamato Restaurant was established in Osaka during the Meiji Era in
1877 and has continued as a family business over 5 generations,” said
Keiko Sakaguchi, CEO, Kyoyamato Corporation. “The head of the family
operated the restaurant despite hardships, and we are committed to
carrying on the strong will of our successors and will continue to grow
the restaurant. With the cooperation of Takenaka Corporation, Kyoyamato
Restaurant will remain in operations as present. We look forward to
serving our community as a beloved Japanese restaurant, honoring the
loyal patronage of our long-time guests.”
“We are delighted to have reached an agreement with Kyoyamato Co. to
move forward with the Park Hyatt Kyoto project in the scenic Higashiyama
region of Kyoto,” said Toichi Takenaka, chairman & CEO, Takenaka
Corporation. “Our goal is to restore the historic building of Sanso
Kyoyamato and its surrounding gardens with an infusion of modern
architecture. Together with Kyoyamato and Hyatt, we hope to create a
hotel that exceeds the expectations of our community and a property that
is best suited for one of the world’s most renowned cities, Kyoto.”
Construction of Park Hyatt Kyoto is scheduled to begin at the end of
2016 with a targeted completion date of 2019. The construction and
design will be overseen by Takenaka Corporation with interior designs by
Tony Chi and Associates.
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 Park Hyatt
Park
Hyatt hotels provide discerning, affluent business and leisure
guests with elegant and luxurious accommodations. Guests of Park Hyatt
hotels receive highly attentive personal service in an intimate
environment. Located in several of the world's premier destinations,
each Park Hyatt hotel is custom designed to combine sophistication with
a distinctive regional character. Park Hyatt hotels feature
well-appointed guestrooms, meeting and special event spaces for groups,
critically acclaimed art, food and beverage program, and signature
restaurants featuring award-winning chefs. There are currently 39 Park
Hyatt hotels in the following locations: Abu Dhabi, Beaver Creek,
Beijing, Buenos Aires, Busan, Canberra, Changbaishan, Carlsbad, Chennai,
Chicago, Dubai, Goa, Guangzhou, Hamburg, Hangzhou, Hyderabad, Istanbul,
Jeddah, Maldives, Mallorca, Melbourne, Mendoza, Milan, Moscow, New York,
Ningbo, Paris, Saigon, Sanya, Seoul, Shanghai, Siem Reap, Sydney, Tokyo,
Toronto, Vienna, Washington, D.C., Zanzibar, Zurich. For more
information, please visit www.parkhyatt.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global
hospitality company with a portfolio of 12 premier brands and 679
properties in 54 countries, as of September 30, 2016. The Company's
purpose to care for people so they can be their best informs its
business decisions and growth strategy and is intended to create value
for shareholders, build relationships with guests and attract the best
colleagues in the industry. The Company's subsidiaries develop, own,
operate, manage, franchise, license or provide services to hotels,
resorts, branded residences and vacation ownership properties, including
under the Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®,
Andaz®, Hyatt Centric®, The Unbound Collection by Hyatt ™ , Hyatt
Place®, Hyatt House®, Hyatt Ziva ™ , Hyatt Zilara ™ and Hyatt
Residence Club® brand names and have locations on six
continents. For more information, please visit www.hyatt.com.
About Kyoyamato
The history of Kyoyamato Suikokan Building dates back to the Enryaku
Period in 782 originating from the Touko-ji Temple. During the Tensho
period (1573-1592), the temple was often patronized by the Imperial
Regent of Japan, Hideyoshi Toyotomi. During the latter half of the Edo
period, the Sonnō Jōi feudal clan conferences were held at the Suikokan
Building. After the Meiji era, the Suikokan Building experienced many
changes and underwent renovations in 1915 to be restored to its original
state. The company bought the rights to the land in 1948, and opened
Kyoyamato Restaurant the following year in 1949, thereafter added a new
annex in 1970. In 1997, Kyoyamato Corporation opened a tempura
restaurant, Kyorinsen, at the Hotel Granvia at Kyoto Station, and in
2008, Kyoyamatoya Restaurant opened in the New Miyako Hotel. The Park
Hyatt brand’s signature approach to service and masterful attention to
detail, along with its strategically chosen location will offer a
personalized experience for which the Park Hyatt brand is known.
About Takenaka Corporation
Takenaka Corporation, founded in 1610, is one of the oldest architect,
engineer and construction companies in Japan, which has played a major
role in social and urban development including the construction of a
large number of Japan’s most prominent landmarks. Based on its corporate
philosophy to “contribute to society by leaving the best works for
future generations”, Takenaka with its expertise and technology, has
built cities and towns which meet the expectation of its customers while
responding to the social, economic and cultural changes of the
environment.
In the real estate development sector, Takenaka has established offices,
hotels, and commercial facilities in Japan and abroad. Joint projects
with Hyatt include Grand Hyatt Kauai Resort and Spa in Hawaii, and Andaz
Fifth Avenue, with Park Hyatt Kyoto being the third development project.
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, ADR and
growth trends, market share, the number of properties we expect to open
in the future, our expected adjusted SG&A expense, our estimated
comparable systemwide RevPAR growth, maintenance and enhancement to
existing properties capital expenditures, investments in new properties
capital expenditures, depreciation and amortization expense and interest
expense estimates, financial performance, prospects or future events and
involve known and unknown risks that are difficult to predict. As a
result, 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, general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic
growth; the rate and the 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;
limited visibility with respect to future bookings; loss of key
personnel; hostilities, or fear of hostilities, including future
terrorist attacks, that affect travel; travel-related accidents; natural
or man-made disasters such as earthquakes, tsunamis, tornadoes,
hurricanes, floods, oil spills, nuclear incidents and global outbreaks
of pandemics or contagious diseases or fear of such outbreaks; our
ability to successfully achieve certain levels of operating profits at
hotels that have performance guarantees in favor of our third party
owners; the impact of hotel renovations; our ability to successfully
execute our common stock repurchase program; the seasonal and cyclical
nature of the real estate and hospitality businesses; changes in
distribution arrangements, such as through Internet travel
intermediaries; changes in the tastes and preferences of our customers,
including the entry of new competitors in the lodging business;
relationships with colleagues and labor unions and changes in labor
laws; financial condition of, and our relationships with, third-party
property owners, franchisees and hospitality venture partners; the
possible inability of third-party owners, franchisees or development
partners to access capital necessary to fund current operations or
implement our plans for growth; risks associated with potential
acquisitions and dispositions and the introduction of new brand
concepts; the timing of acquisitions and dispositions; failure to
successfully complete proposed transactions (including the failure to
satisfy closing conditions or obtain required approvals); unforeseen
terminations of our management or franchise agreements; changes in
federal, state, local or foreign tax law; increases in interest rates
and operating costs; foreign exchange rate fluctuations or currency
restructurings; lack of acceptance of new brands or innovation; our
ability to successfully implement our new global loyalty program;
general volatility of the capital markets and our ability to access such
markets; changes in the competitive environment in our industry,
including as a result of industry consolidation, and the markets where
we operate; cyber incidents and information technology failures;
outcomes of legal or administrative proceedings; violations of
regulations or laws related to our franchising business; 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 forwardlooking statements, which are made only as of the date of
this press release. We do not undertake or assume any 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 forwardlooking statements, except
to the extent required by applicable law. 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161108005834/en/
Source: Hyatt Hotels Corporation