Hyatt

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Hyatt Hotels Corporation
Public
Traded as NYSEH
Industry Hospitality
Founded 1957
Headquarters Hyatt Center
Chicago, Illinois,
United States
Key people
Thomas J. Pritzker[1]
(Executive chairman)
Mark S. Hoplamazian[1]
(President and CEO)
Products Hotels
Revenue Increase US$3.95 billion (2012)
Increase US$88 million (2012)
Number of employees
75,008 (2013)[2]
Website www.hyatt.com
Footnotes / references
[3][4]
Hyatt Regency in Hong Kong (left)

Hyatt Hotels Corporation is an American international company and operator of hotels. The Hyatt Corporation came into being upon purchase of the Hyatt House, at Los Angeles International Airport, on September 27, 1957. In 2015, Fortune magazine listed Hyatt as the 78th-best U.S. company to work for.[2]

History

The original owners were entrepreneurs Hyatt Robert von Dehn and Jack Dyer Crouch; after a few years, Von Dehn sold his share in the hotel to entrepreneur Jay Pritzker. Jay's younger brother Donald Pritzker also took on an important role in the company.[5]

Over the following decade, acquisitions were made, and Hyatt became the fastest-growing hotel chain in the United States. Donald died in 1972; Jay continued to run the company.[6]

In 1969, Hyatt opened its first hotel outside the United States, the Hyatt Regency Hong Kong.[7] In 1980 the Grand Hyatt and Park Hyatt brands were introduced. Hyatt runs resort hotels, starting with the Hyatt Regency Maui in 1980.[8] As of 30 November 2015 Hyatt had over 627 hotels worldwide.[9]

In 1972 Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Lake Tahoe. After Hyatt became a private company in 1979, Elsinore was spun off as a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.[10][11]

In June 2004, substantially all of the hospitality assets owned by Pritzker family business interests, including Hyatt Corporation and Hyatt International Corporation, were consolidated under a single entity called Global Hyatt Corporation. On June 30, 2009, Global Hyatt Corporation changed its name to Hyatt Hotels Corporation.[12]

In December 2004 Hyatt Hotels Corporation acquired AmeriSuites, an upscale chain of all-suite business class hotels from affiliates of the Blackstone Group, a New York-based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain was rebranded and called Hyatt Place, a competitor to the limited-service products Marriott International's Courtyard by Marriott and Hilton Worldwide's Hilton Garden Inn.

In December 2005 Hyatt acquired limited service company Summerfield Suites from the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. According to a Hyatt press release, in January 2012 Hyatt Summerfield Suites were rebranded as Hyatt House to compete in the "upscale extended stay market" against Residence Inn, Homewood Suites and Staybridge Suites.[13]

In August 2009 it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. That November Hyatt completed an initial public offering and began trading publicly on the New York Stock Exchange under the symbol H.[14] According to the filing Mark S. Hoplamazian was to serve as CEO and Thomas Pritzker as Executive Chairman.[15] The public offering is a result of the acrimonious breakup of the Pritzker family empire. Accused of looting family trusts, Thomas and cousins Penny and Nicholas took control of the family businesses when they and other family members were sued by cousin Liesel Pritzker, claiming fraud and seeking damages of over US$6 billion.[16]

As of 31 December 2014 Hyatt Corporation's worldwide portfolio consisted of 587 properties.[17] On September 1, 2011, Hyatt acquired Hotel Sierra, which has 18 properties in 10 states. Along with Hyatt Summerfield Suites hotels, several of these properties were rebranded as Hyatt house in January 2012.[18]

Hyatt Hotels Corporation operates several chains. The Human Rights Campaign (HRC) awarded the company 100% in the HRC Equality Index for eight consecutive years.[19] The Hyatt Regency brand is the oldest brand in the company, with the Grand Hyatt and Park Hyatt brands being introduced in 1980. Some of these are styled as "resort" properties, and may have spas or other recreational facilities. Other brands include Hyatt Place, designed as a limited service offering for business travelers. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and was renamed Hyatt House in January 2012. Hyatt launched the Andaz brand in April 2007.[20] The first Andaz hotel was The Great Eastern Hotel in London, followed by hotels in San Diego, West Hollywood, Shanghai[21] and New York City (Andaz Wall Street & Andaz 5th Avenue).

On November 2013 Hyatt introduced their first all-inclusive resort brands, Ziva and Hyatt Zilara. As of 2015, Hyatt Ziva and Hyatt Zilara offer all inclusive accommodations in Cancun, Puerto Vallarta, Los Cabos and Rose Hall, Montego Bay, Jamaica.

On October 28, 2015, Hyatt announced that they were in advanced talks to acquire Starwood Hotels in the coming weeks in a cash and stock transaction.

Brands

Full-service lodging

  • Park Hyatt are residential luxury Hyatt hotels, mid-sized hotels in cities considered premier destinations. [22]
  • Andaz hotels are upscale lifestyle boutique-style hotels. [23]
  • Grand Hyatt hotels are large luxury hotels in major cities and holiday destinations. [24]
  • Hyatt Regency is Hyatt's flagship hotel brand that are mid to large scaled premium hotels intended for both leisure and business travelers, including those attending conventions, located in urban, suburban, airport, convention and resort destinations around the world. [25]
  • Hyatt hotels are smaller full-service hotels with 150 to 350 rooms located close to major business centers. [26]
  • Hyatt Centric is a new, full service lifestyle brand designed for business and leisure travelers. [27]

Select-service lodging

  • Hyatt Place hotels are mid-sized hotels catering for family and business travelers, in urban, airport and suburban areas. [28]

Extended-stay lodging

  • Hyatt House (formerly known as Hyatt Summerfield Suites or Summerfield Suites by Wyndham and Hotel Sierra) properties are extended-stay residential hotels and smaller-to-mid-sized modern hotels in urban and suburban locations in the United States. [29]

All-inclusive resorts

Timeshares

  • Hyatt Residence Club are timeshare properties with the same service as the Hyatt brand.[31]

Other business activities

Hyatt operates a higher-priced timeshare program, known as Hyatt Residence Club, through Hyatt Vacation Ownership, Inc. As of 2014 it had over a dozen locations, some within or connected to Hyatt hotels.[32] The group also runs a chain of higher-priced retirement homes named Vi Living[33] and offers retail home décor and furnishings through Hyatt at Home, a luxury online store.[34]

Notable properties

World events

1980–1989

1990–1999

2000–2009

2010–2019

Loyalty program

Hyatt Gold Passport

Hyatt hotels operate a loyalty program called Hyatt Gold Passport.

Gallery

References

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  3. Hyatt Hotels Corporation (H) annual SEC income statement filing. Wikinvest. Retrieved 27 May 2013.
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  12. Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
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  20. Hyatt Hotels Corporation Announces Andaz(TM)
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  36. http://www.reuters.com/article/2015/02/02/il-hyatt-hotels-idUSnBw025804a+100+BSW20150202
  37. San Francisco Regency – Sold
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External links