Hyatt

Hyatt Hotels Corporation
Public
Traded as NYSE: H (Class A)
Russell 1000 Component
Industry Hospitality
Founded September 27, 1957 (1957-09-27)
Headquarters Hyatt Center
Chicago, Illinois,
United States
Area served
 Worldwide
Key people
 Thomas J. Pritzker[1]
(Executive chairman)
Mark S. Hoplamazian[1]
(President and CEO)
Products Hotels and Resorts
Revenue Increase US$4.68 billion (2017)[2]
Increase US$302 million (2017)[2]
Increase US$249 million (2017)[2]
Total assets Decrease US$7.67 billion (2017)[2]
Total equity Decrease US$3.52 billion (2017)[2]
Number of employees
 45,000 (December 2017)[2]
Website www.hyatt.com
Hyatt Center, headquarters of Hyatt Hotels
Hyatt Regency in Hong Kong (left)

Hyatt Hotels Corporation is an American multinational hospitality company that manages and franchises luxury hotels, resorts, and vacation properties. The Hyatt Corporation came into being upon purchase of the Hyatt House, at Los Angeles International Airport, on September 27, 1957. As of March 25, 2018, Hyatt has 777 properties in 54 countries.[3] Fortune magazine ranked Hyatt #186 on its list of "America's Best Employers" for 2018.[4]

History

The first Hyatt House was a motel near Los Angeles International Airport, opened in 1954 by entrepreneurs Hyatt Robert von Dehn and Jack Dyer Crouch.[5] In 1957, the hotel was purchased by entrepreneur Jay Pritzker for $2.2 million. His younger brother Donald Pritzker also took on an important role in the company. Considering the growing use of air travel for business, the Pritzker brothers realized that locating a high quality hotel near a major airport was a valuable business strategy. Within two years, they opened Hyatt House motels near San Francisco International Airport and Seattle–Tacoma International Airport.[6]

Over the following decade, acquisitions were made, and Hyatt became the fastest-growing hotel chain in the United States. In 1967, the company opened their iconic Regency Hyatt House in Atlanta, Georgia (today the Hyatt Regency Atlanta). The futuristic hotel was designed by Atlanta architect John Portman, who would go on to design many other hotels for the chain. It featured a massive indoor atrium, which revolutionized hotel design, and soon became a distinctive feature of many Hyatt properties. In 1969, Hyatt opened its first hotel outside the United States, when it bought the President Hotel in Hong Kong and renamed it the Hong Kong Hyatt Hotel (later known as the Hyatt Regency Hong Kong).[7]

In 1972 Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Regency Lake Tahoe Resort, Spa & Casino. After Hyatt became a private company in 1979, Elsinore was spun off as a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.[8][9]

Donald died in 1972 and Jay continued to run the company.[10]

In 1980 the Grand Hyatt and Park Hyatt brands were introduced. Hyatt runs resort hotels, starting with the Hyatt Regency Maui in 1980.[11] As of 30 November 2015 Hyatt had over 627 hotels worldwide.[12]

In June 2004, substantially all of the hospitality assets owned by Pritzker family business interests, including Hyatt Corporation and Hyatt International Corporation, were consolidated under a single entity called Global Hyatt Corp. On June 30, 2009, Global Hyatt Corporation changed its name to Hyatt Hotels Corporation.[13]

In December 2004 Hyatt Hotels Corporation acquired AmeriSuites, an upscale chain of all-suite business class hotels from affiliates of the Blackstone Group, a New York-based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain was rebranded and called Hyatt Place, a competitor to the limited-service products Marriott International's Courtyard by Marriott and Hilton Worldwide's Hilton Garden Inn.

In December 2005 Hyatt acquired limited service company Summerfield Suites from the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. According to a Hyatt press release, in January 2012 Hyatt Summerfield Suites were rebranded as Hyatt House to compete in the "upscale extended stay market" against Residence Inn, Homewood Suites and Staybridge Suites.[14]

In August 2009 it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. That November Hyatt completed an initial public offering and began trading publicly on the New York Stock Exchange under the symbol H.[15] According to the filing Mark S. Hoplamazian was to serve as CEO and Thomas Pritzker as Executive Chairman.[16] The public offering is a result of the acrimonious breakup of the Pritzker family empire. Accused of looting family trusts, Thomas and cousins Penny and Nicholas took control of the family businesses when they and other family members were sued by cousin Liesel Pritzker, claiming fraud and seeking damages of over US$6 billion.[17]

As of 31 December 2014 Hyatt Corporation's worldwide portfolio consisted of 587 properties.[18] On September 1, 2011, Hyatt acquired Hotel Sierra, which has 18 properties in 10 states. Along with Hyatt Summerfield Suites hotels, several of these properties were rebranded as Hyatt house in January 2012.[19]

The Grand Hyatt Hotel in Istanbul

Hyatt Hotels Corporation operates several chains. The Human Rights Campaign (HRC) awarded the company 100% in the HRC Equality Index for eight consecutive years.[20] The Hyatt Regency brand is the oldest brand in the company, with the Grand Hyatt and Park Hyatt brands being introduced in 1980. Some of these are styled as "resort" properties, and may have spas or other recreational facilities. Other brands include Hyatt Place, designed as a limited service offering for business travelers. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and was renamed Hyatt House in January 2012. Hyatt launched the Andaz brand in April 2007.[21] The first Andaz hotel was the Great Eastern Hotel in London, followed by hotels in San Diego, West Hollywood, Shanghai[22] and New York City (Andaz Wall Street & Andaz 5th Avenue).

On November 2013 Hyatt introduced their first all-inclusive resort brands, Ziva and Hyatt Zilara. As of 2015, Hyatt Ziva and Hyatt Zilara offer all inclusive accommodations in Cancun, Puerto Vallarta, Los Cabos and Rose Hall, Montego Bay, Jamaica.

On October 28, 2015, Hyatt announced that they were in advanced talks to acquire Starwood Hotels in the coming weeks in a cash and stock transaction. The transaction was not completed, and Starwood was acquired by Marriott International instead.

On November 14, 2016, Hyatt and Bahria Town Group signed an agreement for construction of four properties in Pakistan, combined worth US$600 million.[23] Properties include the Grand Hyatt Golf Resort on Murree Expressway in Islamabad, Hyatt Regency Golf Resort in Bahria Town Karachi, Hyatt Regency in Lahore, and Hyatt Regency in Bahria Town Rawalpindi.[24] The Hyatt Regency Karachi will feature Pakistan’s first night-lit 36-hole golf.[24]

Full-service lodging

  • Grand Hyatt hotels are large luxury hotels in major cities and holiday destinations.[25]
  • Park Hyatt hotels are mid-sized, residential luxury hotels in cities considered premier destinations.[26]
  • Andaz hotels are upscale lifestyle boutique-style hotels.[27]
  • Hyatt Regency, Hyatt's flagship hotel brand hotels, are mid- to large-scale premium hotels intended for both leisure and business travelers, including those attending conventions, located in urban, suburban, airport, convention, and resort destinations around the world.[28]
  • Hyatt hotels are smaller full-service hotels with 150 to 350 rooms located close to major business centers.[29]
  • Hyatt Centric is a new, full service lifestyle brand designed for business and leisure travelers.[30]
  • The Unbound Collection by Hyatt is a new division of hotels which are part of the Hyatt system but unbranded, maintaining their individual names.[31]

Select-service lodging

  • Hyatt Place hotels are mid-sized hotels catering to families.

Extended-stay lodging

  • Hyatt House (formerly known as Hyatt Summerfield Suites or Summerfield Suites by Wyndham and Hotel Sierra) properties are extended-stay residential hotels and smaller-to-mid-sized modern hotels in urban and suburban locations in the United States.[32]

All-inclusive resorts

Timeshares

  • Hyatt Residence Club are timeshare properties with the same service as the Hyatt brand.[34]

Notable properties

  • Atlanta: The Hyatt Regency Atlanta, the first Hyatt Regency hotel, was built in 1967 and was the first contemporary atrium hotel in the world. As of 2014 it was the only major downtown Atlanta hotel with a front drive on Peachtree Street. Architect John Portman designed the building.
  • Austin: The Driskill is the oldest operating hotel in Austin Texas, and a member of Historic Hotels of America.
  • Beijing: The Grand Hyatt Beijing opened in 2001 in Beijing city, followed by the Park Hyatt Beijing in 2008.
  • Birmingham: The Hyatt Regency Birmingham opened in 1990.
  • Boston: The 502-room Hyatt Regency Boston is in the original hotel component of the former Lafayette Place Mall in Boston's Downtown Crossing retail-office district.[35]
  • Carlsbad: The Aviara opened in 1997, is a Forbes Five Star & AAA Five Diamond resort.
  • Chennai: Hyatt Regency Chennai and Park Hyatt Chennai(15 mins from Airport) are the current Hyatt hotels in Chennai. The first Hyatt in south India, its area is about 900,000 sq ft. It has 21 floors and 400 rooms. Construction started in 1986 but it was not opened until 2011. In 2012, the hotel won the "Best International Hotel Marketing" award by International Hotel Awards in London. In 2013, it was awarded for the category New Hotel Construction and Design for India at Kuala Lumpur.
  • Chicago: With 2,019 rooms, the Hyatt Regency Chicago is the seventh-largest non-gaming hotel in the world, with the largest freestanding bar in the world.
  • Colombo: The Hyatt Regency Colombo (now Grand|Hyatt Colombo) which is under construction is the first Hyatt hotel in Sri Lanka.
  • Dalian: Grand Hyatt Dalian opened in 2014 at the Xinghai Square.
  • Dallas: The Hyatt Regency Dallas, built in 1978, is most notable for its association with the iconic Dallas landmark Reunion Tower. Originally freestanding, the base of the tower was integrated into the ground floor of the hotel after an expansion project in 1998.
  • Denpasar/Bali: Grand Hyatt Bali Hotel is a resort in Nusa Dua, Bali.
  • Hong Kong: The Grand Hyatt Hong Kong is a luxury Hyatt hotel in Hong Kong, and the Asian flagship of Hyatt International. The Hyatt Regency Hong Kong, Sha Tin and Hyatt Regency Hong Kong are also five-star hotels in Hong Kong.
  • Jacksonville: The Hyatt Regency Jacksonville opened in 2001 under the Adam's Mark brand. Ownership of the riverfront hotel changed along with the name in 2005. With 966 rooms, it is the largest hotel in North Florida.
  • Jakarta: Grand Hyatt Jakarta is a five-star hotel in Jakarta's business district, adjacent to Plaza Indonesia. Park Hyatt Jakarta is a new hotel, which located at MNC Center Kebon Sirih, Central Jakarta.
  • Johor Bahru: The Hyatt Regency Johor Bahru was in business from the mid-90s to 2003, when it was rebranded as Thistle Johor Bahru; a new Hyatt is rumored to be opening in the tallest tower in the Princess Cove project in JB Downtown.
  • Kansas City, Missouri: Initially named the Hyatt Regency Kansas City, the atrium walkways collapsed in 1981, killing 114. The hotel has since been renamed Sheraton Kansas City at Crown Center and remains in operation.
  • Kathmandu: Hyatt Regency is one of the five-star hotels of Nepal.
  • Kochi: Grand Hyatt Kochi is a spacious urban, waterfront resort set on 26 acres of landscaped grounds in an extraordinary location on the Bolgatty Island, Grand Hyatt Kochi Bolgatty will feature 265 rooms, which include 38 suites, and three two-bedroom villas and one three-bed room villa. It is adjacent to the sprawling Lulu Bolgatty International Convention Centre, which is the largest convention centre in South Asia.
  • Kuala Lumpur
    • Grand Hyatt Kuala Lumpur - located next to the Kuala Lumpur Convention Center and opened in 2012, marking the return of the iconic chain to the Malaysian capital city (since the Hyatt Regency Saujana near Subang Airport changed management in 2004 and became The Saujana Kuala Lumpur).
    • HYATT House Kuala Lumpur Mont' Kiara - the first property under this brand in SE-Asia and also largest in the world (298 rooms), opening in 2018.
    • Park Hyatt Kuala Lumpur - located in the upper floors of the u/c Merdeka PNB 118, future tallest building in SE-Asia, and opening in 2022.
  • Kuantan: The Hyatt Regency Kuantan, in operation since 1980, closed its doors in 2015 for a very extensive renovation of the entire property and reopened in mid-2018 with partial inventory of its 301 rooms and suites.
  • Los Angeles
  • Lucknow(India): Hyatt Regency Lucknow
  • Manila: The Hyatt City of Dreams Manila is one of the three five-star hotels (Nobu Manila and Nuwa Hotel) located at City of Dreams Manila, Entertainment City, Philippines. Grand Hyatt Manila the second Hyatt hotel property in the country opened January 2018 and is the first supertall building in the Philippines (318m)
  • Mumbai: Grand Hyatt Hotel, Mumbai was designed by Chicago's Lohan Associates and opened in 2004.
  • New Delhi: Hyatt Regency Delhi The Hyatt Regency Delhi is a luxury hotel in New Delhi, India, built in 1983.
  • New York City: Grand Hyatt New York
  • Orlando: Hyatt Regency Grand Cypress opened in 1984 as the first luxury resort in Orlando. The 18-story atrium hotel is part of a 1,500-acre resort including four golf courses and a lagoon swimming pool with a swinging bridge and a rock grotto.
  • Sanya: Park Hyatt Hyatt Sanya Sunny Bay Resort the first Hyatt branded hotel to open in the resort island of Hainan China in 2015. It is one of the two five-star hotels (Andaz Sunny Bay was scheduled to open in 2016) located in Sunny Bay.[36]
  • San Francisco: The Hyatt Regency San Francisco formerly provided a rooftop revolving restaurant called Equinox, offering 360-degree views of the city and the bay. The restaurant became an elite club for certain hotel guests only and it no longer rotates. This hotel was sold for close to $200 million to Dune Capital Management and DiNapoli Capital Partners in January 2007, about $250,000 per room.[37] The property was used several times as a filming location, including for Irwin Allen's 1974 disaster film The Towering Inferno, the 1977 Mel Brooks comedy High Anxiety, Don Siegel's 1977 spy thriller Telefon, and the 1979 science fiction thriller Time After Time.
  • Seoul: The Grand Hyatt Seoul opened in 1978 as Hyatt Regency Seoul and is one of the oldest Hyatts in Asia. Is the only fully Hyatt-owned hotel in the Asia-Pacific. It is in Seoul's Namsan area, where further development is not allowed.
  • Shanghai: The Park Hyatt Shanghai occupies the 79th to 93rd floors of the Shanghai World Financial Center, and the Grand Hyatt Shanghai occupies the 53rd to 87th floors of the Jin Mao Tower, and are two of the highest hotels in the world.
  • Singapore: Two hotels are in operation today - Grand Hyatt (in business since the 80s, formerly Hyatt Regency) and the newer Andaz Singapore which opened in 2017.
  • Taipei: Grand Hyatt Taipei is the only Hotel that’s operated by Hyatt Corporation in Taipei.
  • Tokyo: The Park Hyatt Tokyo appeared in the 2003 movie Lost in Translation.
  • Yogyakarta: Hyatt Regency Yogyakarta is a five-star hotel in Yogyakarta, Java, Indonesia.

World events

1980–1989

1990–1999

2000–present

Loyalty program

Hyatt operates a loyalty program called World Of Hyatt, which replaced Gold Passport on March 1, 2017.[39]

Partnerships

Hyatt's partnership with MGM Resorts International allows members who join both companies' loyalty programs - World of Hyatt and Mlife, respectively - to "status match" (i.e., match their lower status in one of the programs to the higher tier achieved in the other), and then earn points and credits, as well as avail themselves of the perqs and partnerships associated with the higher, matched status in both programs.[40][41][42][43]

In 2018, Hyatt also began partnering with select properties in the SLH (Small Luxury Hotels of the World) chain, which allows World of Hyatt members to earn and redeem points during their stays at participating SLH properties.[44]

In October 2018, Hyatt announced to purchase Two Roads Hospitality, a lifestyle hotel management company, for a base purchase price of $480million. Hyatt will take the management controls of 85 properties of Two Road’s across eight countries. All the hotels will join the World of Hyatt loyalty programme in 2019.[45]

See also

References

  1. 1 2 "Hyatt Hotels - Management Team". Hyatt Hotels Corporation. Retrieved 2010-07-02.
  2. 1 2 3 4 5 6 "Hyatt Hotels Corporation 2017 Annual Report (Form 10-K)" (PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018.
  3. ↑ "Hyatt Hotels Corporation - Investor Relations - Our Company". investors.hyatt.com. Retrieved 2017-11-17.
  4. ↑ https://www.forbes.com/best-employers/list/
  5. ↑ https://www.newspapers.com/newspage/118024752/
  6. ↑ Tritsch, Shane (2007-06-21). "Tremors in the Empire - Chicago magazine - December 2002 - Chicago". Chicagomag.com. Retrieved 2012-10-30.
  7. ↑ "New World Development". Nwd.com.hk. Archived from the original on March 8, 2012. Retrieved 2012-10-30.
  8. ↑ "Elsinore Corporation". The Gale Group, Inc. Retrieved 4 August 2009.
  9. ↑ Knightly, Arnold M. (2009-08-04). "Gaming pioneer Jeanne Hood dies". Las Vegas Review-Journal. Retrieved 4 August 2009.
  10. ↑ "History of Hyatt Corporation". Funding Universe. Retrieved 2012-10-30.
  11. ↑ "Hawaii Island Resort -Hyatt Regency Maui Resort & Spa". hyatt.com.
  12. ↑ "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30.
  13. ↑ Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
  14. ↑ "Hyatt Officially Welcomes Hyatt House to the Neighborhood". Hyattpressroom.com. Retrieved 2012-10-30.
  15. ↑ "Hyatt Hotels Corporation Prices Initial Public Offering". Hyattpressroom.com. Retrieved 2012-10-30.
  16. ↑ Nadja Brandt (August 6, 2009). "Hyatt to Raise Up to $1.15 Billion in Share Sale". BloombergLPcom.
  17. ↑ Andrews, Suzanna. "Shattered Dynasty". Vanity Fair. Retrieved 2012-10-30.
  18. ↑ "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30.
  19. ↑ "Hotel Sierra Joins Hyatt". Hyatt.com. 2011-09-01. Retrieved 2012-10-30.
  20. ↑ "Our Brands". Hyattpressroom.com. Retrieved 2012-10-30.
  21. ↑ Hyatt Hotels Corporation Announces Andaz(TM) Archived 2007-07-06 at the Wayback Machine.
  22. ↑ "Boutique 5 Star Hotels in Shanghai, China丨Andaz Xintiandi, Shanghai丨Hyatt". hyatt.com.
  23. ↑ "Bahria Town in deal to build Hyatt hotels - The Express Tribune". The Express Tribune. 2016-11-14. Retrieved 2016-11-14.
  24. 1 2 "Bahria Town, Hyatt Hotels sign landmark accord". www.thenews.com.pk. Retrieved 2016-11-14.
  25. ↑ "Grand Hyatt Hotels". Hyatt.com.
  26. ↑ "Park Hyatt Hotels". Hyatt.com.
  27. ↑ "Andaz Hotels by Hyatt". Hyatt.com.
  28. ↑ "Hyatt Regency Hotels". Hyatt.com.
  29. ↑ "Hyatt Hotels". Hyatt.com.
  30. ↑ "Hyatt Centric Hotels". Hyatt.com.
  31. ↑ "The Unbound Collection by Hyatt". Hyatt.com.
  32. ↑ "Hyatt House Hotels".
  33. ↑ "Hyatt All Inclusive Resorts".
  34. ↑ "Hyatt Residence Club".
  35. ↑ "Fall and rise of Lafayette Place mall - Opinion - The Boston Globe". BostonGlobe.com.
  36. ↑ https://www.reuters.com/article/2015/02/02/il-hyatt-hotels-idUSnBw025804a+100+BSW20150202
  37. ↑ San Francisco Regency – Sold
  38. ↑ Jaquetta White, The Times-Picayune. "Hyatt Regency will reopen in October, 6 years after Hurricane Katrina". NOLA.com. Retrieved 2012-10-30.
  39. ↑ Royal, Russin (October 27, 2016). "HYATT TO INTRODUCE NEW GLOBAL LOYALTY PROGRAM "WORLD OF HYATT"". Hyatt.com. Chicago.
  40. ↑ "Other Partnerships". Hyatt.com.
  41. ↑ Hull, Summer (November 6, 2017). "Why You Should Match Your Hyatt Status to M life Now". The Points Guy.
  42. ↑ McNutt, Emily (April 23, 2018). "Earn 20% Bonus Hyatt Points for Las Vegas M life Stays". The Points Guy.
  43. ↑ "Preferred Partners". MGM Resorts.
  44. ↑ Rosenthal,Victoria (August 3, 2018). "Hyatt Hotels partners with SLH to expand loyalty program". Hotel Management. Questex.
  45. ↑ "Hyatt to acquire Two Roads Hospitality". Retrieved 10 October 2018.
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