Hyatt Chicago The Loop to Open in Chicago’s Central Business District in 2015
CHICAGO - July 30, 2013 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with Integrated Clark Monroe, LLC for Hyatt Chicago The Loop, a hotel to be located at 100 West Monroe Street in Chicago’s central business district. The project will be developed by Integrated Clark Monroe, which is led by John T. Murphy. Construction is expected to commence in late 2013, and Hyatt Chicago The Loop is slated to open in 2015.
“Chicago is a world-class city and key business and leisure destination, and while we have Hyatt-branded hotels throughout the city, Hyatt Chicago The Loop will add a wonderful new option for travelers visiting the heart of the city’s business and financial district,” said Mark Chase, vice president, real estate and development for Hyatt Hotels & Resorts.
“This is a very special hotel for Chicago,” said John T. Murphy, managing principal of Integrated Clark Monroe. “Its location and amenities will serve both business travelers and families that desire the authentic hospitality for which Hyatt is known around the world.”
Located at the northwest corner of South Clark Street and West Monroe Street, Hyatt Chicago The Loop is being developed as an adaptive reuse of a former 22-story office building. The hotel will be an ideal base for business and leisure travelers visiting the Loop, as it will offer convenient access to many national and regional companies, including Hyatt’s corporate headquarters, as well as many cultural attractions, including the Art Institute of Chicago, Millennium Park and Grant Park.
Hyatt Chicago The Loop will offer 257 guestrooms, including 38 suites, in addition to a three-meal restaurant and bar, a rooftop bar and lounge, a coffee and sundries outlet, and a fitness center. With eight meeting rooms totaling more than 5,000 square feet, the hotel will provide business travelers with accessible spaces for meetings and events.
Hyatt Chicago The Loop will join five Chicago hotels, including Park Hyatt Chicago, Hyatt Regency Chicago, Hyatt Regency McCormick Place, Hyatt Chicago Magnificent Mile, and the newest addition, Hyatt Place Chicago/River North.
As of March 31, 2013, the Company’s executed contract base consisted of approximately 200 hotels across all brands and regions in which Hyatt hotels operate. For more information, please visit www.hyattdevelopment.com.
Hyatt hotels are smaller-sized properties conveniently located in proximity to diverse business and leisure areas. With hotels typically ranging from 150 to 350 rooms, Hyatt hotels offer guests the opportunity to experience our hospitality in a vibrant environment. Customers include individual business and leisure travelers, and Hyatt hotels can accommodate smaller scale business meetings and social gatherings.
About Integrated Clark Monroe, LLC
Headquartered in Chicago, Integrated Clark Monroe, LLC is the hotel development arm of RMI, the developer of the highly successful, ultra-luxury condominium project, Lincoln Park 2550. Formed by John T. Murphy, Integrated Clark Monroe’s focus is on the development, acquisition and redevelopment of strategic hotel assets in Chicago and various Florida markets.
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® 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 March 31, 2013, the Company's worldwide portfolio consisted of 508 properties in 46 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. 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, 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; 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; changes in the competitive environment in our industry and the markets where we operate; 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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