CHICAGO (March 23, 2011) — Hyatt Hotels Corporation (NYSE: H) today announced that Hyatt affiliates have signed management agreements for nine new Hyatt-branded hotels in emerging cities across the country. This continued expansion in India brings the total number of Hyatt hotels under development there to 38.
The agreements cover three Hyatt brands: a Grand Hyatt hotel in Noida, Hyatt Regency hotels in Jaipur, Surat, Ghazibad, Chandigarh, Lucknow and Guwahati, and Hyatt Place hotels in Bangalore Devanhalli and Mumbai Seepz.
In addition to the agreements, Hyatt also announced that the Hyatt Regency Chennai and Grand Hyatt Goa will open later this year.
“Establishing a strong presence in emerging markets is a key element in our strategy of becoming the most preferred hospitality brand,” said Steve Haggerty, global head of real estate and development, Hyatt Hotels Corporation. “India is certainly a core focus, and we are extremely pleased to have established relationships with some of the best developers there to build new properties that represent our most desirable brands.”
“Nearly 30 years since the first Hyatt hotel opened in India, we continue to drive brand preference by expanding our presence and types of offerings,” said Ratnesh Verma, senior vice president of real estate and development for Hyatt Hotels & Resorts in Asia. “From a strong base in global gateway markets, we are pushing into many new cities throughout India. Our strategy brings the full portfolio of brands to life in India so that, no matter what level of service a guest is looking for, we are there to meet their needs.”
With 38 hotels under development in India, Hyatt currently plans to offer its full and select service brands, including:
As part of this expansion, Hyatt Hotels & Resorts is seeking to attract and develop high-quality talent in India in order to drive future growth. Currently, more than 3,500 associates are employed at Hyatt hotels in India, and with the development effort, it is expected that more than 10,000 new associates will be welcomed into the Hyatt family. Hyatt is investing in training curriculums and accelerated leadership programs in order to ensure that new associates support the company’s mission to deliver authentic hospitality and to develop new professional opportunities for its associates.
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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 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 on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of December 31, 2010, the company’s worldwide portfolio consisted of 453 properties in 45 countries. 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 rate and pace of economic recovery following the economic downturn; levels of spending in business and leisure segments 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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