CHICAGO (September 21, 2016) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Chip Mong Group for a Hyatt Regency hotel in Cambodia’s capital, Phnom Penh. Expected to open in 2020, Hyatt Regency Phnom Penh will mark the first Hyatt Regency hotel in Cambodia, and will add to Hyatt’s growing footprint in Southeast Asia.
(Front row, from left to right) Peter Leang, Senior Executive Vice President, Chip Mong Group and David Udell, Group President – Asia Pacific, Hyatt Hotels Corporation sign a management agreement for Hyatt Regency Phnom Penh in Cambodia.
“We are delighted to bring the Hyatt Regency brand to Phnom Penh and Cambodia, and we are honored to begin our relationship with Chip Mong Group,” said David Udell, group president – Asia Pacific, Hyatt Hotels Corporation. “As Phnom Penh continues to become known as a destination for art, culture, tourism and business, we are confident that the globally recognized Hyatt Regency brand will resonate with business and leisure travelers visiting the country. Furthermore, we believe the hotel will play a vital role in the city’s development and will become a landmark in the city and a dynamic member of the local community.”
Hyatt Regency Phnom Penh will deliver on the modern expectations of today’s travelers and meeting planners. The 250-room hotel will feature authentic food and beverage offerings and will serve as the perfect venue for a variety of events such as weddings, social banquets, exhibitions, meetings, and conferences. Additionally, the hotel will offer a fitness center, spa and a rooftop swimming pool and bar, featuring views of the Royal Palace and the Mekong and Tonlé Sap Rivers.
Hyatt Regency Phnom Penh will be located directly across from many of the city’s most popular tourist attractions, including the National Museum and the Royal Palace, as well as cafés, restaurants and art galleries in the area.
For more information about Hyatt Regency hotels, please visit www.hyattregency.com.
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.
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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.
About Chip Mong Group
Chip Mong Group Limited is a leading conglomerate in Cambodia with a diverse portfolio ranging from the manufacturing of construction materials, property development as well as the production of beverage and consumer products. To meet the growing demands of the market, the Group operates assets including cement, concrete and rooftile plants as well as a brewery equipped with state-of-the-art German technology.
Chip Mong Group is the majority shareholder of Ching Mong Insee Cement Corporation, the largest cement manufacturer in Cambodia. This newly established joint venture between Chip Mong Group and Siam City Cement Public Company Limited in Thailand supplies premium cement products for projects around the country.
Chip Mong Group also owns Khmer Brewery Limited, the largest beverage manufacturer in the country. Khmer Brewery Limited produces a diverse variety of beverage products including beer, soft drinks and energy drinks for the Cambodian market. The Group formed a can manufacturing joint venture with Singapore-based Crown Asia Pacific Holdings Limited to cater to the needs of the brewery.
Chip Mong Land, a prominent and renowned real-estate developer under the Group, offers a wide variety of luxury properties to meet the needs of premium consumers.
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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