Following a multi-million-dollar renovation,
Park Central San Francisco is slated to become Hyatt Regency San
Francisco Downtown SoMa in 2022.
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.
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Exterior of the hotel that will rebrand
to Hyatt Regency San Francisco Downtown SoMa (Photo: Business
Wire)
“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. More information on Hyatt’s commitment can be found here:
hyatt.com/care-and-cleanliness.
For more information on Hyatt hotels, please visit
www.hyatt.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 Hyatt Regency
The Hyatt Regency brand prides itself on making travel free from
stress and filled with success. More than 200 conveniently located
Hyatt Regency urban and resort locations in more than 30 countries
around the world serve as the go-to gathering space for every
occasion – from efficient personalized, high-touch business
meetings to energizing family vacations. The brand offers
stress-free environments for seamless gatherings and empathetic
service that anticipates guests’ needs. Designed for productivity
and peace of mind, Hyatt Regency hotels and resorts offer a full
range of services and amenities, including the space to work,
engage or relax; notable culinary experiences; technology-enabled
ways to collaborate; and expert meeting and event planners who can
take care of every detail. For more information, please visit
hyattregency.com. Follow @HyattRegency on Facebook, Twitter and
Instagram, and tag photos with #HyattRegency.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company offering 20 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, and vacation ownership properties, 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, and Hyatt Residence
Club® 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 Highgate
Highgate is a leading real estate investment and hospitality
management company widely recognized as an innovator in the
industry. Highgate is the dominant player in major U.S. gateway
cities including New York, Boston, Miami, San Francisco and
Honolulu, with a growing Caribbean and Latin America footprint. The
hospitality forward company provides expert guidance through all
stages of the property cycle, from planning and development through
recapitalization or disposition. Highgate has a proven record of
developing its diverse portfolio of bespoke lifestyle hotel brands,
legacy brands, and independent hotels and resorts with contemporary
programming and digital acumen. The company utilizes
industry-leading revenue management tools that efficiently identify
and predict evolving market dynamics to drive outperformance and
maximize asset value. With an executive team consisting of some of
the most experienced hotel management leaders, the company is a
trusted partner for top ownership groups and major hotel brands.
Highgate maintains corporate offices in New York, Chicago, Dallas,
London, Miami, and Seattle. www.highgate.com.
Forward-Looking Statement
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.
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Robert Martinez Hyatt +1 312-780-5447
robert.martinez1@hyatt.com
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