News Releases

LOS ANGELES ­(January 23, 2006) — Today, Chicago ­based Global Hyatt Corporation announced the name of the Company’s new upscale extended stay brand as Hyatt Summerfield Suites.

The announcement comes on the heels of Hyatt’s recent acquisition of the upscale extended stay brand and franchise system of 21 Summerfield Suites branded hotels and six owned assets from partnerships between affiliates of The Blackstone Group, the Gencom Group and Lehman Brothers. The transaction was completed on January 5, 2006.

With its acquisition of Summerfield Suites, Global Hyatt continues the vertical integration of its portfolio, now expanding its brand presence into the upscale extended stay category.

“Building upon the past success of Summerfield Suites, the premier extended stay product in the industry, we will add the Hyatt name to Summerfield Suites brand and take its industry leading track record to new heights,” said Jim Abrahamson, Hyatt’s senior vice president of acquisition and development. “The welcome addition of Hyatt Summerfield Suites to the Global Hyatt family further enhances our portfolio, which now includes nearly 750 hotels worldwide.”

The first Hyatt Summerfield Suites properties will be converted in late 2006 following renovations.

Global Hyatt will develop an extended stay prototype concept for new build hotels and new brand standards criteria for converting existing Summerfield Suites hotels to the new Hyatt­branded extended stay product. Similar to Hyatt Place, the new concept will feature an emphasis on exciting new interior and exterior design, forward thinking technology and unique applications of sensory branding. Details of these plans are now being developed.