Grand Hyatt hotel to be part of Lotte Tour’s integrated resort
project on Jeju Island, South Korea
CHICAGO--(BUSINESS WIRE)--
Hyatt Hotels Corporation today announced that a Hyatt affiliate has
entered into a management agreement with Lotte Tour Development Co.,
Ltd. for a Grand Hyatt branded hotel in Jeju City, Jeju Island, South
Korea. The new hotel will mark Hyatt’s sixth property in the country,
complementing Grand Hyatt Seoul and is expected to be the second largest
Grand Hyatt hotel in the world.
Grand Hyatt Jeju will make its home in the center of Jeju City, the
capital and largest city of Jeju Province. Located south of the Korean
Peninsula and only an hour flight from Seoul, the island has become one
of the most popular destinations in Korea outside of Seoul.
In 2016, over 12 million passengers flew between Seoul and Jeju, making
the route one of the world’s busiest passenger air routes. The city has
experienced a surge in Chinese demand within the past decade, seeing
more than 3 million tourists from mainland China last year, and
welcoming over 10 million visitors annually from South Korea, Japan and
China.
“We are extremely pleased to be collaborating with Lotte Tour for the
first time. As one of South Korea’s leading multinational corporations,
Lotte Tour has a deep legacy of travel and hospitality in the country,”
said David Udell, Group President, Asia-Pacific at Hyatt. “We look
forward to working with Lotte Tour to create a new vision of the Grand
Hyatt brand in Jeju, reflective of the island’s unique environment, and
providing travelers with our first-class service and hospitality.”
Lotte Tour will be the lead developer of the Dream Tower Integrated
Resort project in Jeju, along with Greenland Group, one of China’s
largest state-run real estate developers. The project will feature two
towers as well as a retail podium.
Grand Hyatt Jeju will have 1,600 rooms, 11 food and beverage outlets,
approximately 1,200 square meters of meeting space, indoor and outdoor
pools, fitness center, two spas (Western and Korean) with a total of
eight treatment rooms and two kids clubs.
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 Grand Hyatt
Around the world, Grand Hyatt hotels unlock the extraordinary in every
moment by creating experiences beyond expectation. Located at the
crossroads of local culture and global business within major gateway
cities and resort destinations, each Grand Hyatt hotel is uniquely
designed to reflect its own distinct environment and provide a hub for
travelers and locals alike. Grand Hyatt hotels exemplify the pursuit of
life lived grandly offering guests superior service, first-class
accommodations and an abundance of options within a multicultural
backdrop of dramatic architecture and innovative design. Grand Hyatt
properties boast inventive restaurants, luxury spas, fitness centers,
and business and meeting facilities. Grand Hyatt hotels stand to make
every moment memorable through their commitment to living grand every
day. For additional information or to make a reservation, please visit www.grandhyatt.com.
Follow @GrandHyatt on Facebook and Instagram, and tag photos with
#GoGrand.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global
hospitality company with a portfolio of 13 premier brands. As of June
30, 2017 the Company's portfolio included 731 properties in 56
countries. 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®, Miraval®, 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. 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 our actual results,
performance or achievements 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; the 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 the 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; changes in the competitive
environment in our industry, including as a result of industry
consolidation, and the markets where we operate; general volatility of
the capital markets and our ability to access such 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 U.S. Securities and Exchange Commission.
These factors are not necessarily all of the important factors that
could cause our actual results, performance or achievements to differ
materially from those expressed in or implied by any of our
forward-looking statements. 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 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 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/20170829005863/en/
Source: Hyatt Hotels Corporation