Hyatt Announces Plans to Develop a New Hotel as Part of a Historic Castle in Baden-Baden
Hyatt to Develop a Luxury Hotel within the Historic 16th Century Castle
CHICAGO - May 22, 2014 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into an agreement with Badriah Investments B.V. to develop a Hyatt-branded hotel within a 16th century castle in Baden-Baden, located in southwestern Germany.
"This hotel will add to our growing portfolio in Germany, bringing the authentic hospitality for which Hyatt is known to a beautiful region visited by high numbers of business and leisure travelers throughout the year."
"We are thrilled to have the opportunity to expand Hyatt’s brand presence in Germany, while at the same time, restoring a local icon for the community to once again enjoy," said Peter Norman, senior vice president, real estate and development for Hyatt in Europe, Africa and the Middle East. "This hotel will add to our growing portfolio in Germany, bringing the authentic hospitality for which Hyatt is known to a beautiful region visited by high numbers of business and leisure travelers throughout the year."
Neues Schloss Baden-Baden, a Hyatt Hotel will be the seventh Hyatt-branded hotel in Germany, joining Grand Hyatt Berlin, Park Hyatt Hamburg, Hyatt Regency Cologne, Hyatt Regency Dusseldorf, Hyatt Regency Mainz, and Andaz Munich, which is currently under development and is expected to open in 2017.
"We are very optimistic about the strength of our future relationship with Hyatt," said Fawzia Mubarak Al Hassawi, owner of Badriah Investments B.V. "We are immensely proud to work with Hyatt on this project to restore this beautiful castle. My father, the late Mubarak Abdulaziz Al Hassawi, was the visionary behind this project, and he wanted to revive this unique landmark to allow people to share in both the history of Neues Schloss and its vibrant future as a luxury hotel. We have no doubt Neues Schloss Baden-Baden will be warmly received by both the local residents and visitors to Baden-Baden."
Built in the 16th century, the castle was the former residence of Baden’s margraves, military commanders that protected the borders of the Holy Roman Empire, and later, the summer residence of Grand Dukes of Baden. The hotel will take its name from "Neues Schloss," or "New Castle."
Scheduled to open in 2018, Neues Schloss Baden-Baden, a Hyatt Hotel will undergo a transformation to restore the historic aspects of the castle, which will include 146 guestrooms, a bar and restaurant, a fitness center and meeting space. In addition to the historic castle, a modern extension will be added, which will offer guestrooms and private apartments, as well as a spa, pool and sauna area with views of Baden-Baden and the Black Forest. The hotel will offer more than 590,000 square feet (55,000 square meters) of historic grounds and parkland.
Situated in the northern foothills of the Black Forest, close to the borders of France and Switzerland, Baden-Baden is know for its ancient Roman baths and thermal spas. The spa town is host to Germany’s most famous horse race meeting, the Kurpark-Meeting, and is home to one of Germany’s oldest and most beautiful casinos. Baden-Baden is also a major year-round meetings and incentives and leisure destination.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation or one or more of its affiliates.
About Badriah Investments B.V.
Badriah Investments B.V., owner of the Neues Schloss and the adjacent land on which 16 luxury residential units will be built for sale to national and international buyers, was acquired from the rest of the family by The Fawzia Mubarak Al Hassawi Group of companies, an international investment group with interests in Europe and the Middle East in property, hospitality and healthcare, under the leadership of Fawzia Mubarak Al Hassawi.
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®, Hyatt House®, Hyatt Zilara™ and Hyatt Ziva™ brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of March 31, 2014, the Company's worldwide portfolio consisted of 554 properties in 47 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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