Hyatt Announces Plans for a Hyatt Place Hotel in Bangkok
Hotel to be first Hyatt Place hotel in Thailand
CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYS: H) announced today that a Hyatt affiliate has signed a management agreement with Pioneer Property Company Limited (PPC), a Bangkok-based real estate firm, for a new Hyatt Place hotel to be located in the heart of the Thai capital. Scheduled to open in 2017, Hyatt Place Bangkok, Sukhumvit will join the recently announced Hyatt Regency Bangkok, Sukhumvit, which is also expected to open in 2017, and Park Hyatt Bangkok, which is expected to open in 2014. The introduction of the Park Hyatt, Hyatt Regency and Hyatt Place brands further reaffirms Hyatt's continued commitment to Thailand. There are currently two Hyatt-branded hotels in Thailand - Grand Hyatt Erawan Bangkok and Hyatt Regency Hua Hin.
"As the capital, principal city and economic center of Thailand, Bangkok is strategically important for both business and leisure travelers and we are grateful to have the opportunity to introduce Hyatt Place to this part of the world," said Ratnesh Verma, senior vice president, real estate and development, Asia Pacific, Hyatt Hotels and Resorts. "Hyatt Place is a well-recognized and successful brand in the United States, and it is known for delivering a consistent upscale select service experience. The introduction of the Hyatt Place brand in Bangkok represents an integral stepping-stone in the company's development in this prime market and gives us an opportunity to further strengthen Hyatt's commitment to expanding its brands in markets where guests are increasingly traveling."
Hyatt Place offers a fresh and friendly stay experience, ideal for the multi-tasking business travelers as well as for leisure travelers and families. Hyatt Place features are based on extensive consumer research and insight into the way the brand's target market lives and travels offering a tailored level of comfort and service.
"As an upscale select service hotel, Hyatt Place Bangkok, Sukhumvit will allow us to appeal to the growing number of domestic and international travelers to Bangkok," said Pravina Srisakulchawla of Pioneer Property Company Limited. "While some visitors vacation in Bangkok, many travel for business and often choose to extend their stay. We wish to appeal to both these groups, and this development confirms our position to do so."
Hyatt Place Bangkok, Sukhumvit will offer 220 guest rooms and seven studio suites. The hotel will feature a Cozy Corner sectional sofa-sleeper, separate workspace, the Hyatt Grand Bed, 42" flat-panel HDTV and the Hyatt Plug Panel media center. Guests will also enjoy an impressive sky pool, fitness center, a multi-cuisine restaurant and bar, and dedicated meeting facilities.
Centrally located on Sukhumvit Road Soi 24, Hyatt Place Bangkok, Sukhumvit will be an ideal base for business and leisure travelers, with close proximity to the Emporium shopping mall and easy access to the city's business, entertainment and dining districts.
For more information, please visit www.hyattdevelopment.com.
About Hyatt Place
Launched in 2006, Hyatt Place brings to the upscale select service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travelers' 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Spacious guestrooms feature multiple areas to work and relax, and include the Cozy Corner, an eight-foot sectional sofa sleeper; plush Hyatt Grand Bed; and ergonomic work center. For more information, please visit www.hyattplace.com.
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® and Hyatt HouseTM brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of September 30, 2012, the Company's worldwide portfolio consisted of 496 properties in 45 countries. For more information, please visit www.hyatt.com.
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, 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, 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; limited visibility with respect to short and medium-term group bookings; the impact of hotel renovations; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; 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; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; 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.
KEYWORDS: United States Asia Pacific North America Illinois Thailand
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