342-Room Existing Hotel Will Undergo $6.4 Million Renovation to Become the First Hyatt Regency in the Telecom Corridor
CHICAGO--(BUSINESS WIRE)--Affiliates of Global Hyatt Corporation have announced the February 2008 opening of the 342-room Hyatt Regency North Dallas/Richardson in Richardson's telecom corridor, the company's first hotel in northern Dallas. The hotel will be owned and operated by Noble Investment Group ("Noble"), who recently acquired what is currently the Richardson Hotel. Having recently completed an $8 million renovation, the soon-to-be Hyatt Regency North Dallas/Richardson will receive an additional $6.4 million in enhancements prior to its February 2008 opening date. This is the third Hyatt hotel acquired by Noble in the last 12 months, all of which are under long-term license agreements. In addition, Noble is repositioning six owned AmeriSuites hotels to Hyatt Place™ all opening in early 2008.
"Expanding our North American presence with best-in-class organizations is a key focus for Hyatt's overall growth strategy," said Steve Haggerty, Global Head, Real Estate and Development for Global Hyatt Corporation. "Noble is an outstanding partner of Hyatt across our brand portfolio and we are very pleased to add this prominent hotel to the Hyatt Regency family as we continue to grow our successful partnership with the Noble team."
The 17-story Hyatt Regency North Dallas/Richardson will offer state-of-the-art technology and sophisticated business and leisure facilities. The hotel offers 13,000 square feet of meeting and banquet space, including the 7,800 square foot Texas Ballroom, the premier venue in northeast Dallas for meetings and social events. The hotel's largest guestrooms feature custom-designed furniture, and oversized work areas with ergonomic chairs.
The $6.4 million dollar repositioning of the Richardson Hotel to the Hyatt Regency brand will include a stylish upscale contemporary decor featuring dynamic video presentation, fully integrated Hyatt check-in kiosks and Regency Club. The guest rooms will feature the signature Hyatt Grand Bed and large flat panel TVs. Along with the meeting and banquet space upgrades, the fitness and business centers will be outfitted with new equipment and technology.
"Hyatt is known worldwide for the esteemed quality of its hotels across all of its brands," said Rodney Williams, Noble's managing principal and chief investment officer. "We're pleased to expand Noble's relationship even further with Global Hyatt's leading brands."
The Hyatt Regency North Dallas/Richardson will be the 10th Hyatt-branded hotel in the Dallas/Fort Worth Metroplex.
Noble Investment Group sponsors a series of private equity real estate funds and is an integrated operating and development organization that specializes in making value-added investments in hotels and resorts throughout North America. An award winning operator of more than 8,000 hotel and resort guest rooms, convention and conference centers with approximately 1,000,000 sq. ft. of meeting space, as well as championship golf, day and resort spa's, upscale restaurants, and branded retail coffee stores, Noble and its predecessors have realized superior risk-adjusted returns while acquiring and developing nearly $2 billion in lodging and hospitality assets. Noble's current discretionary private equity fund represents $310 million of equity commitments and the organization expects to invest more than $1 billion in assets during the next two years. www.nobleinvestment.com
About Global Hyatt Corporation
Global Hyatt Corporation, one of the world's premier hotel companies, offers today's travelers over 735 hotels and resorts (over 136,000 rooms) in more than 44 countries. The company's affiliates own, operate, manage and franchise Hyatt branded hotels and resorts under the Park Hyatt™, Grand Hyatt™, Hyatt Regency™, Hyatt Resorts™, Hyatt™, Hyatt Place™ and Hyatt Summerfield Suites ® brands. In April 2007, Hyatt launched its newest global brand, Andaz™. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operator of the Hyatt Vacation Club and fractional residential properties and U.S. Franchise Systems, Inc, which franchises Hawthorn Suites and Microtel Inns and Suites. From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com.