Hyatt Central Embassy announces plans for iconic Park Hyatt Bangkok
(MENAFN Press) Park Hyatt Hotel Will Be Third Hyatt-Branded Property in Thailand and
18th Park Hyatt Under Development Worldwide
DUBAI, United Arab Emirates (February 23, 2012) “ Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate signed a management agreement for Park Hyatt Bangkok for Central Embassy, a wholly owned subsidiary of the Central Group of Companies. The iconic hotel will be located in a prime location in the city's central business district. Slated to open in 2014, Park Hyatt Bangkok will be housed within a new, modern mixed-use building, bringing the legendary Park Hyatt luxury brand to one of Southeast Asia's leading business and leisure destinations.
Park Hyatt Bangkok is one of 18 announced Park Hyatt properties under development worldwide “ the first in Thailand “ and upon opening, will become the third Hyatt-branded hotel in Thailand.
"Park Hyatt Bangkok's premier location within this attractive and rapidly growing international city represents our commitment to introducing the luxury of Park Hyatt to gateway locations around the world where our guests are traveling," said Stephen Haggerty, global head of real estate and development for Hyatt Hotels Corporation. "The spectacular 'twisted coil' exterior design of this hotel will be a standout in Bangkok's skyline and will reinforce the Park Hyatt brand's long history of innovative design."
Park Hyatt Bangkok will feature 222 rooms, including 49 suites. The hotel will include all-day dining and specialty restaurants, a lobby lounge and specialty lounge, as well as a sky bar and restaurant with magnificent views of downtown Bangkok. Park Hyatt Bangkok will also feature 15,515 square-feet of meeting space and impressive amenities including a spa, business center, fitness room and swimming pool.
"We are delighted and honored to enter into this agreement for Park Hyatt Bangkok," said Chart Chirathivat, Managing Director - Central Embassy, Central Retail Corporation Ltd. "The union between a prestigious brand such as Park Hyatt, which is renowned for its outstanding service standard, and Central Embassy, a world-class luxury venture, will result in the perfect, seamless integration. Having Park Hyatt as a part of the Central Embassy project will surely put this luxury retail landmark on the world map, highlighting Central Embassy's key philosophy of Infinite Connections."
Situated within Bangkok's central business district on the site of the former British Embassy, Park Hyatt Bangkok will be located near premium residences, offices of major international companies, embassies and high-end retail, including Central Chidlom, one of the best performing department stores in Thailand for over 30 years. The hotel will also have easy access to local expressways, the Bangkok Transit System, and the city's Suvarnabhumi International Airport.
"We are honored to work with Central Embassy and introduce the luxury Park Hyatt brand to Thailand. Park Hyatt Bangkok will add one of Southeast Asia's principal business, financial and leisure destinations to the Park Hyatt brand's impressive and expanding portfolio worldwide," said Larry Tchou, managing director for Asia Pacific, Hyatt Hotels & Resorts. "We eagerly await the opportunity to welcome our guests from around the world to one of the region's greatest cities."
Currently, discerning global travelers look to Park Hyatt for luxurious, elegant accommodation and personalized, attentive service in 28 locations, including Abu Dhabi, Baku, Beaver Creek, Beijing, Buenos Aires, Canberra, Carlsbad, Chicago, Dubai, Goa, Hamburg, Istanbul, Jeddah, Melbourne, Mendoza, Milan, Moscow, Ningbo, Paris, Republic of Maldives, Saigon, Seoul, Shanghai, Sydney, Tokyo, Toronto, Washington, D.C., and Zurich.
In addition to Park Hyatt Bangkok, 17 other previously announced Park Hyatt hotels are under development in the following locations Alm-Tejo, Portugal; Changbaishan, Guangzhou, Hangzhou, and Sanya Sunny Bay, China; Chennai, Delhi, Hyderabad, Jaipur, Kolkata, and Mumbai, India; Doha, Qatar; Marrakech, Morocco; New York, United States; Riyadh, Saudi Arabia, St. Georges, Bermuda and Vienna, Austria.
There are currently two other Hyatt-branded hotels in Thailand: Grand Hyatt Erawan Bangkok and Hyatt Regency Hua-Hin.
Central Embassy is the most ambitious mixed use project by Thailand's leading retailer Central Group. Set to become Asia's new architectural masterpiece, Central Embassy is located in Bangkok's most prominent location on Ploenchit and Wireless intersection, surrounded by affluent and dynamic neighborhoods. The 37-floor complex promises to revolutionize future luxury shopping and entertainment experience with an 8-story retail of 150 stores and lifestyle podium, verdant sky terraces and a luxury hotel tower sprawling over a total commercial area of 144,000 sq m. Central Embassy is served by two Skytrain stations and a network of roads and express way. With 70,000 sq m of retail floor space, Central Embassy is poised to set new heights by offering unmatched shopping and entertainment experiences. Central Embassy expects the project to become Bangkok's most iconic modern landmark. The total project value is approximately USD 340 million. For more information, visit www.centralembassy.com About Central Retail Corporation Ltd. Central Retail Corporation is one of the largest and most diversified retail groups in Thailand, covering Department Stores (Central, Robinson, Zen, La Rinascente, Italy), Category Killers (Powerbuy, Supersport, B2S, Homework, Office Depot, Thai Watsadu), supermarkets (Central Food Hall, Tops Market, Tops Super, Tops Daily). In China, Central Embassy operates 2 Central department stores and 1 Zen in Hangzhou and Shenyang, China. In Italy, Central has just acquired latest 10 luxurious department store "La Rinascente" in Italy's major cities including Milan, Monza, Padova, Torino, Genova, Firenze, Caglari, Palermo, Catania and 2 stores in Rome. About Park HyattIntimate and residential in style, Park Hyatt hotels promise gracious service on a personal scale. Located in many of the world's premier destinations, each Park Hyatt hotel combines elegance with distinctive regional character. Park Hyatt hotels feature sophisticated interiors, meeting and special event spaces for small groups and social occasions, critically acclaimed art programs, and signature restaurants featuring award-winning chefs. For more information, visit www.parkhyatt.com.About Hyatt Hotels CorporationHyatt 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 manage, franchise, own and develop hotels and resorts under the Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt HouseTM. Hyatt House is changing its brand identity from Hyatt Summerfield Suites. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club, which is changing its name to Hyatt Residence ClubTM. As of December 31, 2011, the Company's worldwide portfolio consisted of 483 properties in 45 countries. For more information, please visit www.hyatt.com.Forward-Looking StatementsStatements 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. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, 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, among others, general economic uncertainty in key global markets, 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; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. We caution you not to place undue reliance on any forward-looking statements, which are made 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 laws. 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.
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