Hyatt to Rebrand Renowned Cambodia Hotel to Park Hyatt Siem Reap

Park Hyatt Siem Reap will be the first Hyatt-branded property in fast-growing destination, and 14th Hyatt-branded property in Southeast Asia.

CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (NYSE: H) announced today that an affiliate has signed a management agreement with Hotel De La Paix, Co., Ltd. for the first Hyatt-branded hotel in Cambodia. Under the agreement, Hotel De La Paix Siem Reap, one of the country’s top-rated hotels, will be rebranded as Park Hyatt Siem Reap. The hotel will close on June 30, 2012 for a complete renovation and is expected to open as Park Hyatt Siem Reap in the first quarter of 2013.

“We are thrilled to add this remarkable property to the Hyatt family, adding a jewel in our growing portfolio of hotels in Southeast Asia.”

Located at the center of one of Asia’s major emerging cultural destinations, the property, designed by award-winning Bangkok-based interior designer Bill Bensley, was voted as Cambodia’s No. 1 hotel by Travel + Leisure and ranked No. 29 on its World’s Best Hotels 2010 list.

“This globally recognized property embodies the distinctive experience that our guests expect from Park Hyatt along with a local character that amazes those visiting this wonderful country,” said Ratnesh Verma, senior vice president, real estate and development – Asia Pacific for Hyatt Hotels & Resorts. “We are thrilled to add this remarkable property to the Hyatt family, adding a jewel in our growing portfolio of hotels in Southeast Asia.”

There are currently 12 Hyatt-branded properties in Southeast Asia, with additional plans to introduce new hotels in Kuala Lumpur, Malaysia; Busan, South Korea; and Bangkok, Thailand, which support the company’s long-term goal of expanding the presence of Hyatt-branded hotels in the markets where its guests are traveling.

Park Hyatt Siem Reap will be situated nearby the renowned 12th century ruins of Angkor, a UNESCO World Heritage site that researchers believe was one of the largest preindustrial cities in the world. The temples in the area number more than 1,000 and include Angkor Wat, the world’s largest single religious monument. The hotel will also be a short distance from Siem Reap-Angkor International Airport, Cambodia’s second largest airport, which provides non-stop service to several major regional markets including Bangkok, Hanoi, Kuala Lumpur, Ho Chi Minh City, Phnom Penh, Seoul, Singapore and Vientiane.

"We are excited to work with Park Hyatt and Bill Bensley to build on the success and achievements of our hotel in Siem Reap,” said Eddie Kiasrithanakorn, Managing Director, Hotel De La Paix Co., Limited, “and we look forward to creating new elements of luxury in terms of product and service for our valued guests. We believe that Park Hyatt will continue to strengthen our award winning community service programs and lead the development of the arts in Cambodia."

Park Hyatt Siem Reap will include 107 guest rooms and suites. The hotel plans to feature two restaurants, one bar and a retail bakery. The hotel will also feature meeting facilities, a spa, fitness center, and two swimming pools.

“We are honored to work with Hotel De La Paix Co., Limited to rebrand this renowned Cambodian hotel into Park Hyatt Siem Reap,” said Larry Tchou, managing director for Asia Pacific, Hyatt Hotels & Resorts. “We are confident the hotel will deliver a new hospitality experience to guests visiting the nearby UNESCO World Heritage site or traveling in Cambodia.”

Currently, discerning global travelers look to Park Hyatt for luxurious, elegant accommodation and personalized, attentive service in 28 locations, including Abu Dhabi, Baku, Beaver Creek, Beijing, Buenos Aires, Canberra, Carlsbad, Chicago, Dubai, Goa, Hamburg, Istanbul, Jeddah, Melbourne, Mendoza, Milan, Moscow, Ningbo, Paris, Republic of Maldives, Saigon, Seoul, Shanghai, Sydney, Tokyo, Toronto, Washington, D.C., and Zurich. For information about the additional 19 previously announced Park Hyatt hotels under development worldwide, please visit HyattDevelopment.com.

About Park Hyatt

Intimate and residential in style, Park Hyatt hotels promise gracious service on a personal scale. Located in many of the world’s premier destinations, each Park Hyatt hotel combines elegance with distinctive regional character. Park Hyatt hotels feature sophisticated interiors, meeting and special event spaces for small groups and social occasions, critically acclaimed art and food and beverage programs, and signature restaurants featuring award-winning chefs. For more information, visit www.parkhyatt.com.

About Hotel De La Paix Co., Ltd.

Hotel De La Paix Co., Ltd. is an affiliate of KS Hotels and Resorts, which owns Park Hyatt Maldives Hadahaa, Hotel De La Paix properties in Thailand and Laos, three Nagas in Luangprabang, and has ownership interests in The Yamu Phuket.

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 Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of December 31, 2011, the Company's worldwide portfolio consisted of 483 properties in 45 countries. For more information, please visit www.hyatt.com.

Forward-Looking Statements

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, 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; 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; 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 and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. 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.

Contacts:

Hyatt Hotels Corporation
Laurie Cole, +1 312 780 5935
laurie.cole@hyatt.com

Hyatt Hotels & Resorts – Asia Pacific
Karen Chung, +852 2768 1271
karen.chung@hyatt.com

 

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