TORONTO--(BUSINESS WIRE)--Affiliates of Global Hyatt Corporation have signed an agreement to manage Hyatt Regency Toronto Airport being developed by New York-based Merchant Equity Group. Scheduled to open in the summer of 2010, the 12-story hotel will be part of a 15-acre, mixed-use complex with 500-rooms and overlooking the fairways of the championship Royal Woodbine Golf Course. Award-winning, Toronto-based Zeidler Partnership Architects, whose work includes Toronto's National Trade Center and Eaton Centre, will design the hotel.
Hyatt Regency Toronto Airport will be an environmentally sustainable project, designed to LEED silver standards. It will be energy efficient using state-of-the-art occupancy sensors to automatically turn off lights and guestroom televisions, and will feature green roofs and recycled building materials.
The $300 million hotel complex will include office, retail space and convention facilities. The Hyatt Regency will replace the Regal Constellation Hotel, which closed over four years ago. Construction of the new property will start in 2008.
"We are thrilled to enhance Hyatt's visibility in Toronto, and this new property will complement our luxury Park Hyatt Toronto downtown," said Chuck Floyd, Chief Operating Officer North America, Global Hyatt Corporation. "The new eco-friendly hotel will be a distinctive addition to the Toronto airport area, creating jobs and boosting the local economy. We look forward to welcoming additional visitors from around the world to Toronto."
"Construction of the Hyatt Regency Toronto Airport hotel will create as many as 500 construction jobs and approximately 500 permanent jobs when it opens in 2010," said Jeff Gwin, Managing Partner of Merchant Equity Group. "The new hotel will revitalize the airport strip, generating millions of dollars in property taxes for the City of Toronto."
Hyatt Regency Toronto Airport will complement Toronto's Pearson International Airport which has undergone a $4.4 billion redevelopment as the fourth largest international airport in North America.
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 55 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.
About Merchant Equity Group
The Merchant Equity Group is a private equity investment and asset management company with interests in a diverse portfolio of commercial real estate, including major urban office buildings, shopping centres and undeveloped land.