CHICAGO (November 20, 2012) - Hyatt Hotels Corporation (NYSE: H) announced today that an affiliate of the company has formed a joint venture with an affiliate of Host Hotels & Resorts, Inc. to develop and operate a 131-unit Hyatt Residence Club resort in Maui, Hawaii on Ka’anapali Beach. A Hyatt affiliate will invest approximately $40 million in the vacation ownership property. Expected to open in 2014, Hyatt Ka’anapali Beach, a Hyatt Residence Club will be the first Hyatt Residence Club property in Hawaii, and will join 15 other Hyatt Residence Clubs throughout the United States and Puerto Rico.
“The development of Hyatt Ka’anapali Beach, a Hyatt Residence Club presents a remarkable opportunity to expand the Hyatt Residence Club system to include one of the most desirable vacation ownership destinations,” said John Burlingame, global head of residential development for Hyatt Hotels & Resorts. “Ka’anapali Beach is one of Hawaii’s most beautiful areas, and we believe that Hyatt Ka’anapali Beach, a Hyatt Residence Club will be a highly sought after addition to the Hyatt Residence Club system. Host Hotels and Resorts is a best-in-class owner, and we look forward to building upon our already long term relationship with the company.”
Located along Maui’s western shore on Ka’anapali Beach, Hyatt Ka’anapali Beach, a Hyatt Residence Club will offer 131 units, including 19 one-bedroom units, 100 two-bedroom units, and 12 three-bedroom units. Additional features will include an 8,000 sq ft (743 sq m) open-air lobby, a retail store, a 75-seat casual dining restaurant, a pool with a pool bar and a multi-level pool deck, and a 3,300 sq ft (306 sq m) fitness center. Hyatt Ka’anapali Beach, a Hyatt Residence Club will be located near Hyatt Regency Maui, an 806-room destination resort surrounded by 40 acres of beachfront landscape.
Hyatt Residence Club provides vacation ownership opportunities in regionally inspired residential-style properties. Hyatt Residence Club members are automatically entitled to all the privileges of membership in the Hyatt Gold Passport® frequent guest program, as well as access to the Interval International network of more than 2,600 resorts worldwide; Gold Passport points earned at Hyatt Residence Club properties are also accepted at all Hyatt-branded hotels worldwide. Additionally, members of the Hyatt Residence Club can convert their ownership to points and stay at any location in the Hyatt Residence Club system, all offering the world-class, authentic hospitality for which Hyatt is known.
For more information, please visit www.hyattresidenceclub.com.
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.
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