Hyatt Residential Group Acquires Full Interest in Key West Resorts
CHICAGO - October 06, 2014 - (BUSINESS WIRE) - Affiliates of Hyatt Hotels Corporation ("Hyatt") (NYSE:H), a leading global hospitality company, have completed the previously announced sale of Hyatt Resident Group ("HRG") to Interval Leisure Group ("ILG") (NASDAQ:IILG), a leading global provider of non-traditional lodging across a broad spectrum of the vacation industry.
The HRG portfolio includes three shared ownership projects in Key West, Florida – Hyatt Sunset Harbor, Hyatt Beach House and Hyatt Windward Pointe. As part of this transaction, Robert Spottswood, the developer of and longtime partner in the Key West projects, sold his partnership interests to HRG.
"Robert played an important role in the formation of Hyatt Residential Group and was a key part of the initial leadership team," said Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt. "We are delighted that Robert will continue to be involved with hotel development projects, including Hyatt Place Marathon/Florida Keys that is scheduled to open early next year. We thank Robert for his numerous contributions to Hyatt Residential Group and look forward to working with him in the future."
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, license, own and develop hotels, resorts, branded residences and vacation ownership properties under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™, Hyatt Ziva™, Hyatt Residences® and Hyatt Residence Club® brand names and have locations on six continents. As of June 30, 2014, the Company's worldwide portfolio consisted of 563 properties in 48 countries. For more information, please visit www.hyatt.com.
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