CHICAGO (August 22, 2012) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate signed a management agreement with Unity Infraprojects Limited for a Hyatt Place hotel in Nagpur, India. Hyatt Place Nagpur marks the 24th Hyatt Place hotel under development in India, bringing the total number of announced Hyatt-branded hotels under development in India to 57.
“The development of the Hyatt Place hotels in India reflects our commitment to offering this select-service brand in one of the world’s fastest-growing markets,” said Ratnesh Verma, Senior Vice President - Real Estate and Development, Asia Pacific for Hyatt Hotels & Resorts. “We are focused on creating preference by enhancing distribution of the Hyatt Place brand in both new and established markets in India where our guests are increasingly traveling.”
“This is a great moment for our company as this is our first hospitality venture,” said Kishore K. Avarsekar, Chairman and Managing Director of Unity Infraprojects Limited. “We are delighted to be associated with an internationally renowned group like Hyatt, a company that is known for its high standards. We look forward to building on this relationship with them.”
Expected to open in 2016, Hyatt Place Nagpur will be part of mixed use development on Wardha Road, which connects the city center to the airport. The hotel will feature 125 guestrooms and will offer a restaurant and bar, meeting space, a fitness center, and a pool. Hyatt Place Nagpur will be located less than five miles from the city’s airport, and will also be in close proximity to many of the city’s higher education institutions and retail areas, including Civil Lines, Ramdaspeth and Gokulpeth.
Four new Hyatt hotels are expected to open in India in the remainder of 2012 across the Park Hyatt, Hyatt Regency and Hyatt Place brands, including:
With 57 hotels under development in India, Hyatt currently plans to offer its full portfolio of brands, including:
In addition to India, Hyatt Place hotels are under development in China, Europe, Latin America, the Middle East, and the U.S.
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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 HouseTM. Hyatt House is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2012, the Company’s worldwide portfolio consisted of 492 properties in 45 countries. For more information, please visit www.hyatt.com.
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, capital expenditures, depreciation and amortization expense, interest expense and effective tax rate, 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, the rate and 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; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; 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; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; 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; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; our ability to access the capital markets; 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 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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