Chicago (August 9, 2023) – Hyatt Hotels Corporation (NYSE: H) and Hongkong Land today announced that a Hyatt affiliate has entered into a management agreement with Hongkong Land for a new Hyatt Centric hotel – Hyatt Centric East CBD Chengdu. Expected to open in 2025, the hotel’s opening in the capital of Sichuan province will mark the entry of the Hyatt Centric lifestyle brand into China’s southwest region. Hyatt’s thoughtful expansion of the Hyatt Centric brand further bolsters Hyatt’s commitment to enhancing its lifestyle portfolio in more sought-after leisure destinations.
Hyatt Centric hotels serve as launchpads for adventurous travelers to explore all that a destination has to offer. Hyatt Centric East CBD Chengdu will be situated in the heart of the action within the city’s bustling downtown area. The hotel will be part of the upscale commercial complex, The Ring, a new high-end, mixed-use project developed by Hongkong Land, integrating premium office towers, an upscale shopping mall and a lifestyle hotel.
This landmark development will occupy a prime spot near Southeast Second Ring Road on Dong Da Road. Located on the site of the famous Chengdu Pancheng steel pipe factory that was a defining part of the city’s culture and history, this area has been transformed from an industrial backbone into a modern and dynamic business, retail and leisure destination. Guests can immerse themselves in the vibrant energy of the neighborhood and local life from their doorstep and are surrounded by countless attractions to explore, with easy access to the city’s transportation networks. The hotel itself will offer a stylish modern environment with a distinctive, playful design concept inspired by the neighborhood’s industrial past.
“We are honored to be embarking on this milestone collaboration with Hongkong Land, as their immense experience in developing best-in-class properties across Asia makes them an ideal collaborator to expand the Hyatt Centric brand to Chengdu and southwest China,” said Stephen Ho, president of growth and operations, Asia Pacific, Hyatt. “Hyatt is committed to growing its lifestyle portfolio in destinations that matter most to guests and World of Hyatt members, including key destinations across Greater China. Chengdu draws tourists from all over the world who are keen to explore its rich culture and renowned gastronomy. With its focus on authentic local experiences, we believe Hyatt Centric East CBD Chengdu will be the perfect location for savvy travelers seeking to be immersed and inspired in the destination.”
“Hyatt Centric East CBD Chengdu will represent Hongkong Land’s first collaboration with a third-party hotel management company, and looks forward to working alongside Hyatt to realize its vision for The Ring as a landmark business, shopping and leisure destination and a vibrant hub of the surrounding community,” said a Hongkong Land spokesperson. “Hongkong Land is well known for its prime office and luxury retail properties in key Asian cities, developed with a mindfulness of the ever-evolving needs of those who inhabit and interact with its buildings. With Hyatt’s expertise and innovative approach to hospitality, Hongkong Land is confident that Hyatt Centric East CBD Chengdu will become a sought-after choice for business and leisure travelers alike.”
For more information on the Hyatt Centric brand, visit hyattcentric.com.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hongkong Land
Hongkong Land is a major listed property investment, management and development group. The Group owns and manages more than 9,000,000 square feet (850,000 square meters) of prime office and luxury retail assets in key Asian cities, principally Hong Kong, Singapore, Beijing and Jakarta. Its properties hold industry leading green building certifications and attract the world’s foremost companies and luxury brands. The Group also has a number of high-quality residential, commercial, and mixed-use projects under development in cities across China and Southeast Asia, including a 43% interest in a 1.1 million sq. m. mixed-use project in West Bund, Shanghai. Its subsidiary, MCL Land, is a well-established residential developer in Singapore. Hongkong Land Holdings Limited is incorporated in Bermuda and has a primary listing in the standard segment of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group.
About Hyatt Centric
Hyatt Centric is a brand of full-service lifestyle hotels located in prime destinations. Created to connect guests to the heart of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery so they never miss a moment of adventure. Each hotel offers social spaces to connect with others in the lobby, meanwhile the bar and restaurant are local hot spots where great conversations, locally inspired food and signature cocktails can be enjoyed. Streamlined modern rooms focus on delivering everything guests want and nothing they don’t. A passionately engaged team is there to provide local expertise on the best food, nightlife and activities the destination has to offer. For more information, please visit hyattcentric.com. Follow @HyattCentric on Facebook and Instagram, and tag photos with #HyattCentric.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2023, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 75 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
Forward-Looking Statements
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, outlook, occupancy, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration costs, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. 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Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any 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 law. 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.
MEDIA CONTACTS
Jean Miu
Hyatt – Greater China
jean.miu@hyatt.com
Dana Fioravanti
Hyatt
dana.fioravanti@hyatt.com