Hyatt Announces Plans for a Hyatt Regency Hotel in Colombo
Hyatt Regency Colombo will be the First Hyatt-Branded Hotel in Sri Lanka
CHICAGO - October 19, 2012 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Sinolanka Hotels and Spa Private Limited for a Hyatt Regency hotel in Colombo, Sri Lanka. Hyatt Regency Colombo will be the first Hyatt-branded hotel in Sri Lanka.
“Sri Lanka continues to be a growing market, and we are excited to work with Sinolanka on this iconic project in Colombo,” said Ratnesh Verma, Senior Vice President - Real Estate and Development, Asia Pacific for Hyatt Hotels & Resorts. “Establishing our brand’s presence in key gateway cities like Colombo is an integral part of our strategy to drive preference for the Hyatt brand in the South Asian region. We believe the hotel’s excellent location and full range of services and dining options will meet the needs of both business and leisure travelers. It is our privilege to work with Sinolanka and be part of the government's initiatives to develop tourism infrastructure in Sri Lanka.”
“We are pleased to work with Hyatt on the first Hyatt-branded hotel in Sri Lanka,” said Gamini Senarath, Chairman of Sinolanka Hotels and Spa Private Limited. “Hyatt Regency Colombo is expected to be a flagship development for Sri Lanka, demonstrating the rapidly expanding opportunities in this country’s tourism sector.”
Expected to open in 2014, Hyatt Regency Colombo will be a 42-floor hotel on Galle Road, which is one of the arterial roads in the central business district (CBD) area. The hotel will feature 475 guestrooms and 84 serviced apartments, as well as a lobby lounge, an all-day dining, multi-cuisine restaurant, three specialty restaurants, a bar, eight spa treatment rooms, a fitness center, a swimming pool, and a Regency Club lounge. Additionally, the hotel will offer more than 17,000 sq ft (1,579 sq m) of enclosed meeting space, including a 7,500 sq ft (696 sq m) ballroom.
For more information, please visit www.hyattdevelopment.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 HouseTM brand names and have locations on six continents. 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 Residence ClubTM. As of June 30, 2012, the Company’s worldwide portfolio consisted of 492 properties in 45 countries. For more information, please visit www.hyatt.com.
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, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense, interest expense and effective tax rate, estimates, 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; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; 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; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; 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; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. 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.
Hyatt Hotels Corporation
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Yasmin D. Poonegar
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