Dallas, TEXAS (November 22, 2010) – Aimbridge Hospitality and Hyatt Hotels & Resorts announced today that on January 1, 2011, the only full-service Hyatt hotel in Oklahoma will open. The 455-room Hyatt Regency Tulsa, located at the corner of 2nd and South Main Street in Tulsa, Oklahoma, will be operated and managed by Aimbridge Hospitality under a franchise agreement with a Hyatt affiliate.
Argonaut Private Equity, owner of the hotel which was a Crowne Plaza branded hotel, will be investing additional capital for improvements as part of the Hyatt re-branding.
Aimbridge Hospitality, which is one of the nation’s leading independent hotel investment and management firms and currently owns and/or manages over 70 branded and independent hotels across 20 states and Puerto Rico, began managing the hotel in January 2010.
“We are excited about this opportunity to continue managing this iconic property in downtown Tulsa, which will now be backed by Hyatt’s strong reputation for delivering authentic hospitality to its guests,” said Dave Johnson, CEO and President of Aimbridge Hospitality.
“This hotel is a critical part of our downtown, serving both business travelers and tourists throughout the year, and I am thrilled that it will now carry the Hyatt brand and continue to be managed by one of the nation’s leaders in the hospitality industry,” said Mayor Dewey Bartlett. “Their 5-star quality and emphasis upon customer service will be an example for all of us.”
With 38,000 square feet of conference facilities, the high-rise Hyatt Regency Tulsa will become one of the city’s finest meeting venues featuring a contemporary urban style and Southwestern hospitality. Meeting attendees as well as business and leisure travelers will enjoy spacious accommodations, fine dining, a day spa, a StayFit@Hyatt gym, and an outdoor swimming pool. Wireless high-speed Internet service keeps guests in touch with the office back home, and a 24-hour business center ensures their ability to take care of business while in Tulsa.
Located in the heart of downtown within Tulsa’s Art Deco district, and bordering the popular Blue Dome District, Hyatt Regency Tulsa features covered walkways to eight adjacent buildings, including the Williams Center and the Bank of Oklahoma (BOK) Office Tower, providing all-weather access to shops, restaurants and local businesses. The hotel is also adjacent to the Tulsa Performing Arts Center, two blocks from the new BOK Center arena, and five blocks from the Tulsa Convention Center and Oklahoma Jazz Hall of Fame.
"We are pleased to have the opportunity to bring our 53-year tradition of hospitality to Tulsa, in collaboration with Aimbridge Hospitality and the hotel’s owner," said Chuck Floyd, chief operating officer, North American operations, Hyatt Hotels Corporation.
Argonaut Private Equity, an investment arm of George Kaiser Family Foundation, acquired the Crowne Plaza Hotel in downtown Tulsa in August.
“We are very pleased the Foundation made an investment in this downtown Tulsa hotel,” said Ken Levit, Executive Director of George Kaiser Family Foundation. “We believe the hotel, under the Hyatt brand and Aimbridge management, will help further the growth and progress of our entire community.”
ABOUT AIMBRIDGE HOSPITALITY
Aimbridge Hospitality is one of the nation’s leading independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas, Aimbridge currently owns and/or manages over 70 upscale, independent and branded hotels with nearly 11,000 rooms across the United States and the Caribbean, including such affiliations as Hyatt, Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Wyndham and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
ABOUT GEORGE KAISER FAMILY FOUNDATION
George Kaiser Family Foundation (GKFF) is a charitable organization dedicated to breaking the cycle of poverty through investments in early childhood education, community health, social services and civic enhancement. Based in Tulsa, Oklahoma, GKFF works primarily on initiatives developed in collaboration with Tulsa-based direct service organizations.
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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 in 45 countries 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 Summerfield Suites® brand names and have locations under development on five continents. Hyatt Vacation Ownership, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of September 30, 2010, the Company’s worldwide portfolio consisted of 447 properties. For more information, please visit www.hyatt.com.
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, 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, the depth and duration of the current economic downturn; levels of spending in the business, travel and leisure industries as well as consumer confidence; declines in occupancy and average daily rate; 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; 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; fluctuations in currency exchange rates; general volatility of the capital markets and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. 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.
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Hyatt Hotels & Resorts