Tag Archives: Rakesh Sarna

Business, Finance, Occupation & Industry

First Hyatt Place Hotel Opens in NYC

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

First Hyatt Place Hotel Opens in NYC

Hyatt Place New York/Midtown-South highlights brand’s move into urban, downtown locations

CHICAGO–(BUSINESS WIRE)– Hyatt Hotels Corporation (NYS: H) , Chesapeake Lodging Trust (NYS: CHSP) and Real Hospitality Group today announce the opening of Hyatt Place New York/Midtown-South, marking the first Hyatt Place property to debut in New York City. The new Midtown Manhattan location represents a move into downtown urban locations for the upscale select service brand, which has grown by nearly 18 percent in the past three years.

Hyatt Place New York/Midtown-South is located on W 36th Street, between 5th and 6th Avenues, in the heart of Manhattan. (Photo: Business Wire)

“New York is a significant and exciting market that represents so many opportunities for us as we look for meaningful growth across our portfolio of brands,” said Rakesh Sarna, group president – Americas, Hyatt Hotels Corporation. “The opening of the city’s first Hyatt Place is a significant step forward in our goal to become the most preferred brand for our guests, and we can’t wait to show New Yorkers and its many visitors from around the world what Hyatt Place is all about.”

Earlier this month, a Hyatt Place hotel opened in downtown Austin, Texas, and other downtown locations are expected to open this year in Chicago’s River North neighborhood; Minneapolis, Minn.; Charlotte, N.C.; Omaha, Neb.; Nashville, Tenn; Panama City, Panama; and Santiago, Chile. In 2014, the company anticipates additional urban, downtown openings for the brand in New York City‘s Times Square and Flushing; Washington D.C.’s NoMa neighborhood, and Lincoln, Neb.; among others.

“Hyatt Place guests may be accustomed to seeing our brand in suburban and airport locations, but we feel there is also demand in downtown locations for the accessibility, convenience and overall experience the brand provides. Hyatt Place delivers a seamless experience to meet the needs of our guests’ multi-tasking 24/7 lifestyles, so what better place to showcase that experience than The City that Never Sleeps,” said Chris Walker, vice president of brands, Hyatt Place and Hyatt House. “We look forward to introducing a new group of customers to the Hyatt Place brand.”

About Hyatt Place New York/Midtown-South

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Hyatt Announces Acquisition of Austin's Historic Driskill Hotel

Leave a comment

By Business Wirevia The Motley Fool

Hyatt Announces Acquisition of Austin’s Historic Driskill Hotel

Acquisition deepens Hyatt’s presence in one of the fastest growing markets in the U.S.

CHICAGO–(BUSINESS WIRE)– Fresh from announcing the opening of the 296-room Hyatt Place Austin Downtown, Hyatt Hotels Corporation (NYS: H) today announced that a Hyatt affiliate has acquired the 189-room Driskill Hotel for approximately $85 million from an investment fund managed by Lowe Enterprises Investors, which was represented in the transaction by Jones Lang LaSalle’s Hotels & Hospitality Group.

The transaction closed earlier today and the hotel will continue to be marketed as The Driskill Hotel under the umbrella of Hyatt Hotels & Resorts. The hotel will undergo a two-year, approximately $8 million renovation to preserve its reputation as one of the most storied hotels in Texas.

“Our investment in this hotel, which has a highly visible and long-standing presence in a vibrant market, is a great example of Hyatt’s willingness and ability to apply our capital to increase our brand presence in key locations for our guests. Austin has a diverse economy driven by technology, the state capitol, and the University of Texas, and is a rapidly growing tourism and convention market,” said David Tarr, senior vice president of North American development and real estate for Hyatt. “We are excited to have the opportunity to continue the tradition of hospitality that Lowe Enterprises and Destination Hotels & Resorts have been providing at The Driskill Hotel during their ownership and management of this special property.”

Built in 1886, The Driskill Hotel is one of downtown Austin’s most recognizable buildings and was designated a national historic landmark in 1969. The hotel’s location provides easy access to the Central Business District, the Texas State Capitol and the Austin Convention Center, as well as the areas that comprise the heart of Austin’s cultural and entertainment activity, including the 6th Street Entertainment District, the Warehouse District and 2nd Street Retail District.

“We are thrilled to add such a well-loved local icon to the Hyatt family and are delighted to be increasing our presence in Austin, which offers world-class business and educational institutions, as well as thriving entertainment and technology scenes,” said Rakesh Sarna, group president – Americas for Hyatt.

Hyatt continues to grow its portfolio across all brands globally. The company’s executed contract base is larger than it has ever been, and as of December 31, 2012, it included management or franchise …read more
Source: FULL ARTICLE at DailyFinance