CHICAGO - June 18, 2014 - (BUSINESS WIRE) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with an affiliate of McGough Development for a Hyatt Regency hotel in Bloomington, Minnesota. Hyatt Regency Bloomington Central Station is expected to open in early 2016 and will be managed by Aimbridge Hospitality.
The 302-room Hyatt Regency Bloomington Central Station hotel is the centerpiece of Bloomington Central Station, a transit-oriented, mixed-use urban village. The development will also include residential, retail and Class A office components. The Bloomington Central Station will be connected via light rail to the Mall of America and its numerous shopping and entertainment attractions, both airport terminals at Minneapolis-St. Paul International Airport, the University of Minnesota Twin Cities campus, the Metrodome, and Downtown Minneapolis' business and entertainment districts.
Hyatt Regency Bloomington Central Station will feature 17,000 square feet of meeting and prefunction space, including an 8,250 square-foot ballroom. The hotel will also include a three-meal restaurant, a bar and lounge, an indoor pool, a fitness center, a market and coffee shop, and business center.
"The City of Bloomington is world famous for being the home of Mall of America, which attracts visitors from around the globe, and we are thrilled that Bloomington Central Station will feature another world renowned brand, Hyatt Regency," said Greg Munson, Executive Vice President of McGough Development. "We believe that leveraging the strength and innovation of the Hyatt Regency brand as part of the mixed-use complex will attract business and leisure travelers from across the region."
"We are delighted to enhance Hyatt's brand presence in the Minneapolis-St. Paul metroplex with the first Hyatt Regency in the City of Bloomington, Minnesota," said David Tarr, senior vice president, real estate and development, Americas for Hyatt. "We are very excited to further build on Hyatt's excellent portfolio of hotels in the Twin Cities."
Hyatt continues to grow its portfolio across all brands globally. As of March 31, 2014, the Company's executed contract base consisted of approximately 240 hotels or approximately 54,000 rooms. For more information, please visit www.hyattdevelopment.com.
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation or one or more of its affiliates.
McGough Development is an affiliate of McGough Construction. The companies, collectively known as McGough, offer full-service real estate capabilities and deliver a unique blend of expertise, including construction, architectural, project development and financing, land-use planning, and more. McGough is headquartered in St. Paul, Minnesota with branch offices in St. Cloud, Duluth, and Rochester, Minnesota; Cedar Rapids, Iowa; and Phoenix, Arizona. The company's 50-acre Bloomington Central Station redevelopment site is located immediately east of the Mall of America and includes lodging, corporate office, multi-family, and community space projects. To learn more, visit www.mcgough.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®, 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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