New resort will mark the first Destination
Hotels property in Florida
Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt
affiliate has entered into a franchise agreement with Banyan Cay
Development (BCD) to develop Banyan Cay Resort & Golf, a
Destination Hotel. Expected to open in late 2021, this property
will mark entry of the Destination Hotels brand into Florida and
will be the first full-service Hyatt-branded property in Palm Beach
County, an internationally recognized resort and leisure
destination.
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Exterior view of Banyan Cay Resort &
Golf (Photo: Business Wire)
With 150 guestrooms, Banyan Cay Resort & Golf will offer
independent-minded travelers a 5,000 square-foot spa and fitness
center, tennis pavilion, swimming pools, and three food and
beverage venues, including signature restaurants and golf clubhouse
dining. With over 10,000 square feet of planned indoor meeting and
events spaces, guests will also have ample space to host private
functions, conferences, and gatherings. Offering guests experiences
they crave on and off property, Banyan Cay Resort & Golf will
be situated just six miles from pristine beaches and conveniently
located near West Palm Beach International Airport.
“At Hyatt, we prioritize thoughtful growth in locations that
matter most to our guests, World of Hyatt members and customers,
and we are excited to introduce Hyatt’s high-quality and distinct
experiences to West Palm Beach,” said David Tarr, senior vice
president, development, Americas, Hyatt. “We look forward to
collaborating with Banyan Cay Development to expand the Destination
Hotels brand footprint and provide travelers with a unique, upscale
resort option.”
Resort guestrooms and suites will provide an oasis of peace,
quiet and privacy, designed in a refined and modern Palm Beach
aesthetic. Situated by the resort’s tropical pool and offering
scenic views of Banyan Lake, Banyan Cay Resort & Golf will also
offer 22 private resort villas, including bell service, daily
housekeeping, room service, private kitchens and spacious living
and dining areas.
“We are thrilled to collaborate with Hyatt on plans to introduce
the first golf resort in the city of West Palm Beach and provide
guests with an elevated stay experience that embodies the laid-back
elegance and spirit of southern Florida,” said Domenic Gatto,
founder of Banyan Cay Development. “With its longstanding
reputation in stand-out resort offerings, the Destination Hotels
brand is perfectly suited to help guests discover all that the
resort will offer.”
Banyan Cay Resort & Golf is home to a 130-acre Jack Nicklaus
signature golf course and clubhouse, which is currently open and
operating. The golf course offers 18-holes of thoughtful play with
gently rolling fairways, landforms, various water features, and
sod-wall bunkers that provide both aesthetics and complexity. To
date multiple events, charity tournaments and qualifiers for major
PGA sanctioned tournaments, including the Honda Classic and the US
Open, have been hosted on the Banyan Cay Golf Course. Not only has
the Banyan Cay Golf Course been selected to host prestigious PGA
events, but it is expected to host many more events of similar
caliber in the future.
For more information about the Destinations Hotel brand, please
visit: https://www.destinationhotels.com/
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 Destination Hotels
Destination Hotels is a diverse collection of independent
hotels, resorts and residences that are individual at heart yet
connected by a commitment to embody the true spirit of each
location. Ranging from upscale to luxury, each property is
purposefully crafted to be a place of immersive discoveries,
authentic design, and warm and welcoming service. As honored hosts,
Destination Hotels connects guests to both people and
place—offering a sense of belonging that invites all to make our
destination yours. For more information, visit
destinationhotels.com. Follow
Destination Hotels on Instagram: @destinationhotels, Twitter:
@Destination, and Facebook: Destination Hotels.
About Hyatt Hotels
Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company offering 21 premier brands. As of
September 30, 2020, the Company's portfolio included more than 950
hotel, all-inclusive, and wellness resort properties in 67
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™, UrCove,
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. For more
information, please visit www.hyatt.com.
About Banyan Cay
Development
Banyan Cay Resort & Golf offers West Palm Beach a new luxury
resort and residential experience. Featuring Jack Nicklaus’ 300th
Signature Golf Course, state-of-the-art golf practice facilities,
West Indies-inspired Club House, and a Destination Hotel coming in
late 2021, members, residents and future guests alike are sure to
have a refined, relaxing experience. The central location in one of
South Florida’s biggest travel hotspots, offers the best of both
worlds—a respite away from the crowds all while being only a short
drive from Palm Beaches numerous attractions. For more information,
visit banyancay.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,”
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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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201119005236/en/
Siân Rylander Hyatt +1 312 780 5797 sian.rylander@hyatt.com
Jennifer Williams Banyan Cay Resort +1 561 557 5840
jwilliams@banyancayresort.com
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