CHICAGO--(BUSINESS WIRE)--
Hyatt
Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate
has sold Hyatt
Regency Birmingham for approximately £38.6 million to an affiliate
of Bin Otaiba Investment Group. The purchaser will also spend
approximately £2.7 million in additional capital expenditures to further
improve the property over the next three years. As part of the sale, a
Hyatt affiliate has entered into a management agreement with the
purchaser and the hotel will retain its Hyatt Regency branding.
“We are delighted to work with Bin Otaiba as we continue growing through
our asset recycling strategy,” said Steve Haggerty, Hyatt’s global head
of capital strategy, franchising and select service. “This transaction
allows us to retain brand presence in the market and expand our
relationship with an owner who is investing in the Hyatt Regency brand.”
One of the best-situated hotels in Birmingham city center, Hyatt Regency
Birmingham is a modern, 4-star hotel that enjoys an unrivalled central
location adjacent to Centenary Square and connects guests to who and
what matters most. Offering access to the city’s landmark International
Convention Centre (ICC) via bridgeway, the hotel is one of the leading
convention facilities in the U.K., regularly hosting events that include
the annual conferences of major political parties. It is also across
from Birmingham’s Symphony Hall and 10 minutes by train to
Birmingham-Shuttlesworth International Airport and the National
Exhibition Centre (NEC). Additionally, the hotel is a short distance
from the exclusive Mailbox and Bull Ring shopping centers. Occupying an
entire 24-story, glass-front building, the hotel dominates the skyline
of central Birmingham, the second largest city in the country.
The hotel’s 319 guestrooms and suites, including the exclusive Presidential
Suite, all have floor-to-ceiling windows that command breathtaking
views of the canal network or the city. For leisure, guests can
visit the Amala
Spa and Club for wellness and beauty treatments, the 16-metre indoor
swimming pool and the well-equipped gymnasium.
Hyatt Regency Birmingham is also home to the signature Aria
Restaurant, which serves breakfast, lunch and dinner daily. Guests
can enjoy a great selection of fine wines, champagnes and cocktails with
friends in The
Gentleman & Scholar Pub and Terrace. Traditional afternoon tea
is served in the hotel daily, offering the perfect way to celebrate
special occasions or round off a day's shopping.
One of the most popular business hotels in the city, Hyatt Regency
Birmingham is an ideal venue for meetings
and conferences, featuring 10 meeting and event rooms that are
complemented by meeting packages and personalized catering services, and
exceptional spaces to host the most elegant weddings.
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 Regency
The Hyatt Regency brand prides itself on connecting travelers to who and
what matters most to them. More than 168 conveniently located Hyatt
Regency urban and resort locations in over 30 countries around the world
serve as the go-to gathering space for every occasion – from efficient
business meetings to memorable family vacations. The brand offers a
one-stop experience that puts everything guests need right at their
fingertips. Hyatt Regency hotels and resorts offer a full range of
services and amenities, including notable culinary experiences;
technology-enabled ways to collaborate; the space to work, engage or
relax; and expert planners who can take care of every detail. For more
information, please visit www.hyattregency.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 667
properties in 54 countries, as of June 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.
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 and ADR
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; 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 forward-looking 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 forward-looking 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.

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Source: Hyatt Hotels Corporation