Hyatt Announces Plans for a New Hyatt Regency Hotel in San Francisco
Following a multi-million-dollar renovation, Park Central San Francisco is slated to become Hyatt Regency San Francisco Downtown SoMa in 2022
December 23, 2020 // Franchising.com // CHICAGO - Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate entered into a franchise agreement with 50 Third Street Owner LP for Park Central San Francisco to join the Hyatt portfolio as an affiliated hotel, effective Friday, December 18, 2020. The hotel is managed by Highgate and expected to rebrand to Hyatt Regency San Francisco Downtown SoMa, following significant renovations. The 681-room Park Central San Francisco, located in the heart of San Francisco’s south of market (SoMa) neighborhood, will undergo a multi-million-dollar renovation starting in early 2021, that will include a full redesign of guestrooms, transformation of the meeting and event spaces, ground floor lobby area and food and beverage experience, as well as a relocation and expansion of the fitness center.
“Hyatt continues to prioritize thoughtful growth in locations that matter most to our guests, World of Hyatt members and customers. We are thrilled to further grow Hyatt’s presence in the great city of San Francisco, which is an important market for Hyatt,” said David Tarr, senior vice president of development, Americas, Hyatt. “The renovation of Park Central San Francisco will be truly remarkable, and we look forward to having the hotel join the Hyatt Regency brand to offer a seamless, intuitive experience for guests.”
Once the hotel joins the Hyatt Regency brand, it will be the third Hyatt Regency property in the San Francisco area, joining Hyatt Regency San Francisco in the financial district steps away from the iconic Embarcadero and Hyatt Regency San Francisco Airport. Hyatt Regency San Francisco Downtown SoMa is expected to be the 10th Hyatt hotel in the San Francisco area.
Park Central San Francisco is located along 3rd Street between Market and Mission Streets, bordering San Francisco’s famed Union Square and the financial district. Ideally positioned near the city’s most celebrated attractions and steps away from the Moscone Convention Center, Yerba Buena Center for the Arts, the San Francisco Museum of Modern Art, Children’s Creativity Center, Oracle Park and Mission Bay.
The hotel will remain open throughout the renovation, which is expected to be completed in early 2022. Guests will enjoy a full range of services and amenities, including notable culinary experiences, stress-free environments for seamless gatherings, and expansive technology-enabled facilities for meetings and events, along with expert planners who adhere to every detail with high-touch experiences for event attendees. The hotel offers guests approximately 32,000 square feet of flexible meeting and event space.
Guided by its purpose of care, Hyatt’s multi-layered Global Care & Cleanliness Commitment further enhances its operational guidance and resources around colleague and guest safety and peace of mind.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
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 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 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 duration of the COVID-19 pandemic and the pace of recovery following the pandemic or any 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 Quarterly Report on Form 10-Q filed on May 7, 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.
Comments:comments powered by Disqus
- Expansions & Growth
- Financial & Earnings Claims
- Mergers & Acquisitions
- Personnel Changes
- General Announcements
- Conferences & Events
- Product Announcements
- Media Coverage
- Strategic Alliances