Hyatt Announces Purchase of Hyatt Regency Birmingham
November 07, 2012 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has purchased the Hyatt Regency Birmingham hotel in the United Kingdom for approximately USD$43 million.
The hotel has operated as Hyatt Regency Birmingham since its opening in 1990. Through its affiliates, Hyatt was one of the original co-owners, and since 2002 the hotel has been operated under a third-party management agreement. Starting in 2013, a Hyatt affiliate plans to invest approximately USD$10 million to renovate the hotel to strengthen its position as one of the leading hotels in Birmingham.
One of the best-situated hotels in Birmingham city center, Hyatt Regency Birmingham is a modern, four-star hotel that enjoys an unrivalled central location adjacent to Centenary Square. With a bridge link to the city’s landmark International Convention Centre, it is one of the leading convention hotels not just in Birmingham, but in the United Kingdom, regularly hosting such events as the annual conferences of the major political parties. It is also across the road from Birmingham’s Symphony Hall, and is just minutes from the National Indoor Arena (NIA) and the exclusive Mailbox and Bull Ring shopping centers. Occupying the entirety of a 24-story, glass-fronted building, the hotel dominates the skyline of central Birmingham.
“The team at the hotel is delighted at the news that a Hyatt affiliate has purchased the hotel, and as one of the most popular hotels in the city amongst both business and leisure guests, we have a proud history of hospitality in Birmingham and look forward to the exciting times ahead,” said Tim Flodin, General Manager, Hyatt Regency Birmingham. “At Hyatt Regency Birmingham, we are committed to supporting the local community, working closely with surrounding businesses, colleges and charities, including the Queen Elizabeth Hospital, Stourbridge College, University College Birmingham and catering college KHCSC.”
“Birmingham is one of the leading business tourism destinations in the United Kingdom, and Hyatt Regency Birmingham has long been a favorite choice in the city,” said Michael Gray, Area Director, United Kingdom and Ireland. “Hyatt has successfully provided management services for the hotel for many years and we are delighted that a Hyatt affiliate is once again the owner of this hotel, one of our key hotels in the United Kingdom. We believe that the hotel’s excellent location and full range of services, event capabilities and dining options will continue to make this one of the city’s very best places to stay and to hold an event, and we are very enthused about this investment in the property. Indeed on top of its existing strengths, we expect that improved transport links, such as the extended runway at Birmingham Airport and the high-speed London rail link will no doubt even further increase the attractiveness of Birmingham as an event destination in the future. We are also very enthusiastic about this because of Hyatt’s long and proud history in the UK.”
The hotel’s 319 luxury rooms and suites, including the exclusive Presidential Suite, all have floor-to-ceiling windows that command breath-taking views of the canal network or the city. For leisure, guests can visit the just-refurbished Amala Spa & Club for wellness and beauty treatments, the 16-meter indoor swimming pool and the newly equipped gymnasium. Hyatt Regency Birmingham is also home to the signature Aria Restaurant, which serves breakfast, lunch and dinner daily, and Pravda Bar, the perfect place for cocktails, champagne and a large selection of wines, each of which is earmarked for further enhancement as part of the planned renovation. One of the most popular business hotels in the city, Hyatt Regency Birmingham is an ideal venue for meetings and conferences, featuring 10 meeting and event rooms.
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 Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of September 30, 2012, the Company’s worldwide portfolio consisted of 496 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 and interest expense 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; limited visibility with respect to short and medium-term group bookings; the impact of hotel renovations; 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.
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