Davidson Hotels & Resorts to Operate Hyatt Chicago Magnificent Mile

Hotel Will Undergo $25M Renovation and Marks Fourth Chicago Property in Davidson’s Expanding Portfolio

CHICAGO - (BUSINESS WIRE) - Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that it has taken over management of the rebranded 417-room Hyatt Chicago Magnificent Mile which will undergo a $25 million re-invention that will completely transform the hotel into Chicago’s newest Hyatt hotel. Owned by Sunstone Hotel Investors, the Hyatt Chicago Magnificent Mile marks the second hotel that Davidson operates on behalf of Sunstone, and its seventh Hyatt-branded hotel.

“Davidson has deep insight into the Chicago hotel marketplace, as we’ve owned and operated properties throughout the Windy City for over 15 years,” said Patrick Lupsha, Davidson’s chief operating officer. “With a $25 million renovation and the implementation of our proprietary management and marketing systems, the hotel is well positioned to stand out among its peers.”

Located at 633 North Saint Clair Street in Chicago, the 17-story hotel is adjacent to Northwestern University’s Downtown campus and Northwestern Memorial Hospital, just steps from Chicago's Gold Coast, Lake Michigan and the famed Magnificent Mile retail district.

“Hyatt Chicago Magnificent Mile marks our seventh full-service Hyatt, making Davidson the largest independent operator of full-service Hyatt hotels in the United States,” added Steven Margol, Davidson’s chief investment officer.

The complete hotel makeover will bring it to the 4-plus star, premium upper-upscale category. The public space will be reoriented with new check-in, restaurant, lounge and casual zones all redone with new furniture, art work, lighting and flooring. Additionally, the fitness center will double in size and transform into a premiere health club with state-of-the-art equipment. To keep pace with today’s hectic travel lifestyle, a “technology zone,” will be incorporated so that guests can conduct business efficiently and in comfort.

“We are looking forward to introducing the completely reinvigorated Hyatt Chicago Magnificent Mile to both business and leisure travelers,” said Chuck Floyd, chief operating officer, North America, Hyatt Hotels Corporation. “Davidson’s intimate knowledge of the Chicago hospitality marketplace and Hyatt’s brand of authentic hospitality gives us a tremendous competitive advantage for our newest property here in our headquarter city.”

“Davidson’s competitive strength in the upper-upscale sector, their strong relationship with Hyatt and their experience in Chicago give us great confidence in their ability to drive results,” stated Ken Cruse, Sunstone’s president & CEO. “Davidson has been an exceptional management partner for us, and we aim to expand our strategic relationship with them in the years ahead.”

About Davidson

Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company’s portfolio encompasses 48 upscale, full-service independent and branded hotels with nearly 14,000 rooms across the United States, including such affiliations as Hyatt, Westin, Sheraton, Marriott, Renaissance, Hilton, Doubletree, Embassy Suites, and Radisson. Additional information on Davidson may be found at the company’s web site, www.davidsonhotels.com.

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 House™. 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 Residences™ and Hyatt Vacation Club®, which is changing its name to Hyatt Residence Club™. As of March 31, 2012, the Company's worldwide portfolio consisted of 488 properties in 45 countries. For more information, please visit www.hyatt.com.

About Sunstone Hotel Investors

Sunstone Hotel Investors, Inc. (“Sunstone”) is a lodging real estate investment trust (“REIT”) that has interests in 33 hotels comprised of 13,625 rooms. Sunstone’s hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Fairmont, Hyatt and Sheraton. For further information, please visit Sunstone’s website at www.sunstonehotels.com.

Sunstone’s mission is to create meaningful value for our stockholders by becoming the premier hotel owner. Our values include transparency, trust, ethical conduct, communication and discipline. We seek to employ a balanced, cycle-appropriate corporate strategy that encompasses the following:

  • Proactive portfolio management;
  • Intensive asset management;
  • Disciplined external growth; and
  • Measured balance sheet improvement.

Contacts:

Davidson Hotels & Resorts

Cyndi Norwood
678-349-0909
cnorwood@davidsonhotels.com

Daly Gray Public Relations

Jerry Daly, Chris Daly (media)
703-435-6293
jerry@dalygray.com

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