Hyatt Announces Plans for its First Hotel in Cyprus
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Hyatt Announces Plans for its First Hotel in Cyprus

Grand Hyatt Limassol set to open in 2025, marking a significant milestone for Hyatt’s growth in Europe

July 13, 2020 // Franchising.com // CHICAGO - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Anolia Holdings Limited for the first Hyatt hotel on the island of Cyprus, Grand Hyatt Limassol. The 300-room luxury resort is expected to open in 2025 and signifies Hyatt’s continued growth into Europe’s leading travel destinations.

The new-build beachfront resort will be situated at a Blue Flag beach east of Limassol, one of the island’s most cosmopolitan cities. With a prime beachfront location on the southern coast of the island and 300 bold, light-filled rooms offering sea views, Grand Hyatt Limassol will be a captivating destination within a destination featuring a stunning 43,000-square-foot (4,000 square meter) beach club including premium spa and fitness facilities as well as an indoor pool and two outdoor pools. The resort will additionally offer five elevated food and beverage concepts as well as 15,000 square feet (1,400 square meters) of event space. Furthermore, Grand Hyatt Limassol will be a key element of Zaria Resort, a mixed-use luxury development, comprised of residential apartments and private villas totaling more than 861,100 square feet (80,000 square meters).

“We’re delighted to work with Anolia Holdings Limited to bring the Grand Hyatt brand, known for its access to iconic locales, to the island of Cyprus, one of the most popular tourist destinations in Europe,” said Takuya Aoyama, vice president development for Europe and Africa, Hyatt. “Grand Hyatt Limassol represents a key element of our growth strategy in Europe as we continue to seek opportunities to extend our resort footprint in the Mediterranean.”

Only a 30-minute drive from Larnaca International Airport, the hotel will bring with it the exceptional brand of luxury and vibrant design that the Grand Hyatt brand delivers to guests worldwide. Arriving guests will drive past the lush greenery of the hotel’s 150,000-square-foot (14,000-square-meter) public garden and promenades and enjoy a spectacular view of the Mediterranean. The resort promises to be a celebration of all the exquisite details of Cypriot culture, offering guests a stay beyond the ordinary through magnificent moments of more and superior service.

“We are thrilled to team-up with Hyatt on this development,” said Alexander Iakovlev, director of Anolia Holdings "The Grand Hyatt brand is synonymous with luxury and creating unique experiences for guests which remain authentic to the destination itself. In addition, given Limassol’s status as a financial capital of Cyprus, the hotel will not only attract leisure guests but may also prove popular for business travelers, conference-goers and event attendees. We are eager to see Grand Hyatt Limassol become the heart of the Zaria Resort development.”

The announcement of Grand Hyatt Limassol follows a significant expansion in Hyatt’s brand footprint in Europe over the last 12 months. Nine new hotels including Great Scotland Yard, Hyatt Centric Dublin, Andaz Vienna Am Belvedere, Hyatt Regency Chantilly and more opened in the region in 2019, with four more additions in Barcelona, Manchester and Frankfurt this year. These plans for a hotel in Cyprus represent a key opportunity in Europe as it builds upon Hyatt’s existing and upcoming portfolio in Malta, Athens Thessaloniki and Izmir. The island has furthermore proven to attract travelers from Hyatt’s key strategic markets including the UK, Russia, Greece, Germany and the Middle East.

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 Grand Hyatt

Around the world, Grand Hyatt hotels bring travel dreams to life by celebrating the iconic in small details and magnificent moments. Located at the crossroads of local culture and global business within major gateway cities and resort destinations, each Grand Hyatt hotel is uniquely designed to be a captivating destination within a destination. Grand Hyatt hotels deliver welcoming and elevated service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and bold and vibrant design. Grand Hyatt properties boast inventive restaurants, luxury spas, fitness centers, and business and meeting facilities.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 20 premier brands. As of March 31, 2020, the Company's portfolio included more than 900 hotel, all-inclusive, and wellness resort properties in 65 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Joie de Vivre®, Hyatt House®, Hyatt Place®, tommie™, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members.

About Allea Group

Anolia Holdings Ltd is a part of Allea Group, an investment and real estate development holding company with a diversified portfolio of exclusive award-winning residential and commercial projects in Central and Southern Europe. The mission of Allea Group is to create timeless and sustainable projects by bringing together the knowledge of industry experts, the cutting-edge ideas of distinguished architects and innovative solutions of designers, all whilst incorporating the best practices of leading contractors.

Forward-Looking Statement

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, but are not limited to, the short- and longer-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence; actions that governments, businesses, and individuals take in response to the COVID-19 pandemic or any future resurgence, including limiting or banning travel; the impact of the COVID-19 pandemic, and actions taken in response to the COVID-19 pandemic or any future resurgence, on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of third-party owners, franchisees or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic or any future resurgence; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the 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; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 pandemic; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans and common stock repurchase program and quarterly dividend, including a reduction in or elimination of repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; 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 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; the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Current Report on Form 8-K filed on April 21, 2020, which filings are available from the SEC. 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

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