Hyatt To Acquire Thompson Miami Beach Hotel And Rebrand As The Confidante, Joining The Unbound Collection By Hyatt
March 24, 2016 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE: H) today announced that a wholly-owned subsidiary has entered into an agreement to purchase the 380-room Thompson Miami Beach hotel from an affiliate of Geolo Capital. The transaction is expected to close in late April, and the hotel will be rebranded as The Confidante upon opening, joining the existing properties in the recently launched The Unbound Collection by Hyatt brand.
“The acquisition of this high-quality hotel allows Hyatt continued strategic growth in a critical market for both the company and for our newest brand, The Unbound Collection by Hyatt,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are thrilled to expand our presence in Miami Beach, a market in which we have great unmet demand from our guests. The property will have the freedom to establish and maintain its individuality and distinct character while benefiting from the operational excellence and efficiencies that come from being part of Hyatt.”
The Confidante draws inspiration from the notion of being a trusted friend, providing guests with everything they need for an uncomplicated and timeless Miami Beach experience. Taking cues from its mid-century modern design, The Confidante will celebrate its unique, storied history, as well as its future, with historical details throughout its spaces, bright colors, whimsical accents, and a relaxed, elegant vibe.
With deep historical roots in Miami Beach, The Confidante is a three-towered property that pays homage to the vibrant feeling of the city in the 1950s. Serving at one time as the tallest modern building in Miami Beach, The Confidante originally opened as the 18-floor Lord Tarleton Hotel on Collins Avenue, making headlines and representing a boom for the city’s economy. In 1955, it reopened as the Crown Hotel and later was converted into a three-tower apartment building. Since 2014, the property has operated as Thompson Miami Beach hotel.
“The Unbound Collection by Hyatt is all about giving the properties within this brand the freedom to be extraordinary and providing guests with the social currency and story-worthy experiences they crave. The Confidante’s rich history steeped in Miami Beach’s golden era will do just that,” said Maryam Banikarim, global chief marketing officer for Hyatt. “It will provide a playful and sophisticated backdrop, much like a friend’s beach house, where guests can get away and relax while enjoying the vibrancy and energy of Miami Beach.”
Situated as an oasis in close proximity to South Beach, The Confidante will feature 30 suites, two restaurants, two heated swimming pools, direct beach access, a rooftop spa, a full service salon, an indoor/outdoor fitness experience, in-room dining, a craft cocktail bar, and a lush tropical garden. It will also house approximately 35,000+ square feet of indoor and outdoor flexible, multi-functional venue space.
The Confidante will join The Unbound Collection by Hyatt, which has properties around the world, including The Driskill Hotel in Austin, Texas; the Hôtel du Louvre in Paris, France; the Carmelo Resort & Spa in Carmelo, Uruguay; and the Coco Palms Resort in Kauai, Hawaii, which is expected to undergo a revitalization and re-open in spring 2018. As with all properties in The Unbound Collection by Hyatt, The Confidante will maintain its distinct character while providing guests and owners Hyatt’s award-winning customer loyalty program, robust operational and marketing resources and trusted, quality brand.
For more information about The Unbound Collection by Hyatt, click here.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
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 develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including under the Park Hyatt®, Grand Hyatt®, Andaz®, Hyatt Regency®, Hyatt Centric™, Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Ziva™, Hyatt Zilara™, Hyatt Residence Club®, Hyatt Residences® and The Unbound Collection by Hyatt™ brand names and have locations on six continents. As of December 31, 2015, the Company's worldwide portfolio consisted of 638 properties in 52 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. These statements include statements about Hyatt’s brand strategy and involve known and unknown risks that are difficult to predict. 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 our actual results, performance or achievements 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; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; the possible inability of third-party owners, franchisees or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; general volatility of the capital markets and our ability to access such 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 U.S. Securities and Exchange Commission. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only 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 law. 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.
SOURCE Hyatt Hotels Corporation