CHICAGO (April 1, 2011) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate entered into an agreement with affiliates of Haberhill and Starwood Capital Group Global to form a joint venture. This new joint venture has taken ownership of Hyatt Regency Minneapolis and has signed a long-term agreement with a Hyatt affiliate to manage the hotel.
The joint venture plans a $25 million renovation of the hotel‘s guest rooms, suites, public areas, restaurants, meeting space, and building systems which will make its total investment approximately $75 million. The renovation and repositioning of the hotel is expected to be completed by 2012.
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.
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Hyatt Hotels Corporation