Addition of Dream Hotel Group further
strengthens Hyatt’s global lifestyle footprint and accelerates
asset-light growth
Hyatt Hotels Corporation (NYSE: H) today announced the
completion of the Dream Hotel Group lifestyle hotel brand and
management platform acquisition, bringing a vibrant portfolio of
lifestyle hotel brands – including Dream Hotels, The Chatwal and
Unscripted Hotels – into the Hyatt portfolio. The asset-light
acquisition includes 12 lifestyle hotels (nine managed and three
licensed), with another 24 signed long-term management agreements
for hotels expected to open in the future.
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Dream Hollywood (Photo: Business
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Dream Hotel Group properties are known for their progressive
design and vibrant dining and nightlife that are the soul of each
hotel. They boast unique and authentic hospitality experiences
built on inventive activations and design-savvy spaces that inspire
creativity and act as social hubs for guests as well as local
communities.
The acquisition welcomes more than 600 new colleagues into the
Hyatt family, bringing deep expertise in experiential hospitality
to Hyatt’s global portfolio of lifestyle offerings and extending
Hyatt’s brand footprint in strategic destinations including
Nashville, Hollywood, Las Vegas, South Beach, Saint Lucia, Doha and
several new locations new in New York City. It will also include
new markets such as the Catskills in New York and Valle de
Guadalupe in Mexico.
“Hyatt’s acquisition of Dream Hotel Group represents an exciting
chapter in our asset-light growth as we expand our lifestyle
offerings, providing global travelers with an increased number of
elevated experiences – now, and in the future,” said Mark
Hoplamazian, president and chief executive officer, Hyatt.
“Together, we will carefully preserve the spirit and individual
identities of the sought-after Dream Hotel Group hotels while
adding the commercial strength of Hyatt’s marketing and sales
channels, all united under the World of Hyatt loyalty program.”
Dream Hotel Group founder Sant Singh Chatwal will continue his
commitment as an owner of four open and two future hotels that are
expected to join the Hyatt portfolio.
“Hyatt has a proven track record of preserving what makes
lifestyle hotels special and is the ideal new home for our growing
Dream Hotel Group brands,” said Sant Singh Chatwal, chairman and
founder, Dream Hotel Group. “As an owner of Dream Hotel Group
properties, I look forward to the next part of our journey, and I
am confident there is a bright future ahead for our hotels, owners,
guests and team members as part of the Hyatt family.”
Former Dream Hotel Group CEO Jay Stein is joining Hyatt as Head
of Dream Hotels to guide the integration of Dream Hotel Group
brands into the Hyatt portfolio; former Dream Hotel Group Chief
Development Officer David Kuperberg is joining Hyatt as Head of
Development – Dream Hotels; and former Chief Operating Officer
Michael Lindenbaum is joining Hyatt as Head of Operations – Dream
Hotels.
Dream Hotels will join as a brand within Hyatt’s Boundless
Collection. The Chatwal and Unscripted Hotels brands will be
welcomed into Hyatt’s Independent Collection, joining The Unbound
Collection by Hyatt and JdV by Hyatt brands, respectively.
To learn more about these new properties, visit
hyatt.com/info/dream-hotel-group-announcement. On January 19, 2023,
The Chatwal, a hotel in New York City, joined the World of Hyatt
loyalty program. Stay tuned for when and how other Dream Hotel
Group properties will participate in World of Hyatt.
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 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 September 30, 2022, the
Company’s portfolio included more than 1,200 hotels and
all-inclusive properties in 72 countries across six continents. The
Company's offering includes brands in the Timeless Collection,
including Park Hyatt®, Grand Hyatt®, Hyatt
Regency®, Hyatt®, Hyatt Residence Club®, Hyatt
Place®, Hyatt House®, and UrCove; the Boundless
Collection, including Miraval®, Alila®,
Andaz®, Thompson 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 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®, 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. These
statements include statements about the Company’s acquisition of
the lifestyle hotel brand and management platform of Dream Hotel
Group, including expected financial and operational benefits
resulting from the acquisition, the number of properties expected
to open in the future as part of the acquisition, the expected
incorporation of hotels acquired as part of the acquisition into
the World of Hyatt loyalty program, 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, but are not
limited to: risks associated with the acquisitions, including
successful integration of acquired businesses; the duration and
severity of the COVID-19 pandemic or any additional resurgence and
the pace of recovery following the pandemic or any additional
resurgence; the short and long-term effects of the COVID-19
pandemic, including on the demand for travel, transient and group
business, and levels of consumer confidence; the impact of actions
taken by governments, businesses, or individuals in response to the
COVID-19 pandemic or any additional resurgence on global and
regional economies, travel limitations or bans, and economic
activity; the ability of third-party owners, franchisees, or
hospitality venture partners to successfully navigate the impacts
of the COVID-19 pandemic or any additional 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; 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 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; 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 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, wages, and other 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 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; violations of regulations or laws
related to our franchising business; and other risks discussed in
the Company's filings with the SEC, including our annual report on
Form 10-K, which filings are available from the SEC. All
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by the
cautionary statements set forth above. 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 do not undertake or
assume any 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/20230202005597/en/
Media Contact: Franziska Weber
franziska.weber@hyatt.com
Investor Contact: Noah Hoppe noah.hoppe@hyatt.com
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