Strategic growth highlighted by airport hotel expansion, investments in portfolio-wide Hyatt Place renovations by Service Properties Trust, and preview of the Hyatt Studios brand at The Lodging Conference
CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H) announced today the continued strategic growth of the Hyatt Place and Hyatt House brands throughout 2023. This growth includes expanding the brand’s footprint in the U.S. in new markets where there are no Hyatt hotels and the thoughtful expansion of airport locations in key markets.
Today’s news comes on the heels of Hyatt announcing significant progress in the development of the Hyatt Studios brand, the latest select service brand in the Hyatt portfolio, including executed franchise agreements for the first locations in Mobile, Ala. and Marysville, Calif., emphasizing Hyatt’s strategy of adding hotels in untapped markets where its brand presence is yet to be established; groundbreaking for the Mobile, Ala. location is slated for Q4 2023.
“As part of Hyatt’s commitment to listen to our owners and take action on their feedback, Hyatt continues to identify white space in sought-after markets,” said Jim Tierney, senior vice president, development and owner relations, Hyatt. “Based on our intentional growth strategy, we focus on growing in new markets and expanding our base with new developers and owners without creating intra-brand competition.”
Hyatt’s pipeline of select service brands is the fastest growing segment of Hyatt’s portfolio in the U.S., as Hyatt continues to lead the industry on a global scale with six years of industry leading net rooms growth. In 2023, as part of the Hyatt Place and Hyatt House brands expansion in the U.S., Hyatt will welcome 14 new owners to the Hyatt family and expand existing Hyatt portfolios for five owners. This underscores Hyatt’s focus on delivering value and ensuring a strong return on investment across all Hyatt hotels.
By the end of 2023, Hyatt expects to have an established hotel presence in U.S. markets that currently do not have a Hyatt hotel located within five miles, including:
Additional growth for the company includes the entry of the Hyatt House brand in the following markets:
Airport Locations are a Brand Strength for Hyatt
When Jay Pritzker founded Hyatt in 1957 with the purchase of the Hyatt House motel adjacent to Los Angeles International Airport, Hyatt established its reputation as a trusted, sought-after brand for travelers.
Throughout 2023, Hyatt has continued to expand on its origin story by increasing its brand footprint at airports across the U.S. with elevated experiences including free breakfast for guests and delivering enhanced in-room amenities that are attractive to both leisure and business travelers, at the following locations in addition to the above:
Ongoing Commitment to Brand Excellence and Guest Satisfaction
All Hyatt hotels aim to provide the highest standard of quality to guests, customers and World of Hyatt members, which includes brand-specific renovation cycles and brand refreshes.
One of the many examples of upcoming property renovations includes 17 Hyatt Place hotels under Service Properties Trust (SVC) ownership group, slated to begin later this year. A sampling of SVC properties that will undergo renovations include Hyatt Place Atlanta/Cobb Galleria (Ga.), Hyatt Place Charlotte Airport/Lake Pointe (N.C.) and Hyatt Place Tempe/Phoenix Airport (Ariz.) each aligned to deliver an elevated, spacious, and perfectly self-sufficient stay experience.
“At Hyatt, we work with owners and franchise operators who share our dedication to operational excellence and our purpose of care,” said Paul Devitt, senior vice president of operations, Hyatt. “We’re privileged to have SVC as part of the Hyatt family and look forward to supporting their upcoming renovations that will bring enhanced experiences for our guests and World of Hyatt members.”
As a key component of the Hyatt House brand refresh, which launched in late 2022 with an updated brand identity and media campaign, “Home is Where…,” the next generation of Hyatt House guestrooms will feature residential-inspired room elements such as a modern media console, hard surface flooring, rounded-edge well-lit vanity mirror, vinyl task chairs, updated kitchen island for dining as well as working, oversized ottoman and more. The new design is intended to help guests maintain their routine and enjoy the comforts of home when they are away from theirs. Stemming from guest feedback, the new room design aims to meet and exceed guests’ evolving lifestyles and hybrid work models, while upholding the living accommodations travelers have enjoyed in the past, including a cozy living room, a well-equipped kitchen, spacious bedroom, a full closet and a well-appointed bathroom.
Introducing Hyatt Studios at The Lodging Conference
Hyatt recently announced the first two locations for the Hyatt Studios brand, Hyatt’s new upper-midscale, extended-stay brand, in Mobile, Ala., and Marysville, Calif. The Hyatt Studios brand is expected to be a key accelerator for Hyatt. The Mobile, Ala. location is slated to have its groundbreaking in Q4 2023 and welcome guests and World of Hyatt members in 2024.
On September 19, 2023, owners, developers and industry media can experience an exclusive introduction to the Hyatt Studios brand in Phoenix, Ariz. at The Lodging Conference. Attendees will enjoy an evening of branded activations and regionally inspired cocktails and bites, while experiencing a look at the latest design concepts and meeting the team behind the Hyatt Studios brand.
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 Place
Hyatt Place hotels combine style, innovation and 24/7 conveniences to create an easy to navigate experience for today’s multi-tasking traveler. Guests can enjoy thoughtfully designed guestrooms featuring distinct zones for sleep, work and play, and free flowing social spaces that offer seamless transitions from work to relaxation. With more than 415 locations globally, Hyatt Place hotels offer freshly prepared food around the clock, efficient service and differentiated experiences for World of Hyatt members. For more information, please visit hyattplace.com. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.
About Hyatt House
Hyatt House hotels are designed to welcome guests seeking spacious and well-equipped living accommodations with everything they need and more for short- or long-term stays. At more than 130 locations worldwide, the Hyatt House brand delivers home-like amenities, purposeful service, and contemporary spaces, including complimentary home-cooked breakfast for guests, a creatively curated menu at H Bar; and indoor and outdoor communal spaces for working, socializing, or relaxing.
For more information, please visit hyatthouse.com. Join the conversation on Facebook or Instagram and tag photos #HomeIsWhere
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2023, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 76 countries across six continents. The Company’s offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
Forward-Looking Statements
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, 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; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group 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, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; 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, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension 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 the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; 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, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including 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 the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations;; 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 Reports on Form 10-Q, 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.
Contacts
MEDIA CONTACT:
Dana Fioravanti
Hyatt
dana.fioravanti@hyatt.com
INVESTOR RELATIONS CONTACT:
Adam Rohman
Hyatt
adam.rohman@hyatt.com
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