Hyatt, Haberhill and Starwood Capital group joint venture signs long-term management agreement with Hyatt Regency Minneapolis (United States)
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Hyatt, Haberhill and Starwood Capital group joint venture signs long-term management agreement with Hyatt Regency Minneapolis (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout Renovation / Addition
This is a press release selected by our editorial committee and published online for free on 2011-04-12
New Venture Plans Substantial Property Renovation
Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate entered into an agreement with affiliates of Haberhill and Starwood Capital Group Global to form a joint venture. This new joint venture has taken ownership of Hyatt Regency Minneapolis and has signed a long-term agreement with a Hyatt affiliate to manage the hotel.
The joint venture plans a $25 million renovation of the hotel‘s guest rooms, suites, public areas, restaurants, meeting space, and building systems which will make its total investment approximately $75 million. The renovation and repositioning of the hotel is expected to be completed by 2012.
About Hyatt Hotels Corporation
Hyatt 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 Summerfield Suites® brand names and have locations on six continents. 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, 2010, the company’s worldwide portfolio consisted of 453 properties in 45 countries.
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