Hyatt Announces Plans for New Hyatt Place and Hyatt House Hotels in Ho Chi Minh City

CHICAGO--(BUSINESS WIRE)--Nov 21, 2019--

Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with Xuan Mai Sai Gon Construction Investment Joint Stock Company (“Xuan Mai”) to develop a 300-key Hyatt Place Saigon, District 7 and 250-key Hyatt House Saigon, District 7 in one of Ho Chi Minh City’s largest districts. Planned for completion in 2023, the new hotels will be Hyatt’s first dual-branded Hyatt Place and Hyatt House hotel project in Southeast Asia and will also mark the entry of the Hyatt House brand in Vietnam.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191121005818/en/

Hyatt Place Saigon District 7 & Hyatt House Saigon District 7 (Photo: Business Wire)

The Hyatt Place brand combines style, innovation and 24/7 conveniences to create an easy to navigate experience for today’s multi-tasking traveler. Guests can enjoy thoughtfully designed guestrooms featuring distinct zones for sleep, work and play, and free flowing social spaces. Hyatt House hotels are designed to welcome guests as extended stay residents seeking the conveniences of home in modern, apartment-style suites with fully equipped kitchens and separate living and sleeping areas.

“We are delighted to be working with Xuan Mai to develop Hyatt’s first dual-branded select-service hotel project featuring the Hyatt Place and Hyatt House brands in Southeast Asia,” said David Udell, group president, Asia-Pacific, Hyatt Hotels Corporation. “Whether guests are looking for short term or extended stay accommodations, the location of Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 will put them in the heart of an up-and-coming residential, commercial and entertainment district that is well connected to Ho Chi Minh City’s Central Business District.”

The new Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 will be integral to Eco Green Saigon, an iconic 34-acre mixed-use development, which will also include residential units, office space, event space, and a primary school. Eco Green is strategically located eight miles (13 kilometers) from the Tan Son Nhat International Airport, the busiest airport in Vietnam, three miles (five kilometers) from District 1, Ho Chi Minh City’s Central Business District, and less than two miles (three kilometres) from Phu My Hung New Urban Area comprising of office developments, high end residences and schools, as well as the Saigon Exhibition and Convention Centre.

Hyatt Place Saigon, District 7 will consist of 300 rooms, a café, a bar serving coffee and cocktails, a lobby lounge, and three meeting rooms, as well as an outdoor pool and fitness center. Hyatt House Saigon, District 7 will predominantly cater to guests looking for longer term accommodations, and will consist of 250 rooms divided into studios and one-bedroom suites, a bar, a lobby lounge, one meeting room, as well as an outdoor pool and fitness center. Once completed, the 69-story tower housing both hotels will be one of the tallest buildings in Ho Chi Minh City.

“With this signing, Hyatt is set to more than triple its brand presence in Vietnam over the next few years, and we are delighted to now offer locals and travelers additional accommodation options across the country, as well as have an opportunity to further solidify Hyatt’s brand presence in Ho Chi Minh City,” said Patrick Finn, Senior Vice President - Development, Asia-Pacific, Hyatt. “This project also presents Hyatt with an ideal opportunity to launch the Hyatt House brand in Vietnam’s gateway city that has the potential to be a catalyst for further Hyatt Place and Hyatt House developments in the country.”

“Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 is expected to be the center piece of the Eco Green Saigon development in the heart of Ho Chi Minh City’s largest district,” said Mr. Bùi Khắc Sơn, a member of the board of Xuan Mai Sài Gòn. “This is our first hotel project and we are excited to introduce guests to the first dual-branded Hyatt Place and Hyatt House project in Southeast Asia, and furthermore, collaborate with Hyatt, a globally recognized company with extensive hospitality knowledge.”

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 Place

Hyatt Place hotels combine style, innovation and 24/7 conveniences to create an easy to navigate experience for today’s multi-tasking traveler. Guests can enjoy thoughtfully designed guestrooms featuring distinct zones for sleep, work and play, and free flowing social spaces that offer seamless transitions from work to relaxation. With more than 300 locations globally, Hyatt Place hotels offer freshly prepared food around the clock, efficient service and differentiated experiences for World of Hyatt members. For more information, please visit hyattplace.com. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.

About Hyatt House

Hyatt House hotels are designed to welcome guests, including World of Hyatt members, as extended stay residents seeking the conveniences of home. Modern, apartment-style suites with fully equipped kitchens and separate living and sleeping areas provide guests a stylish and comfortable environment so they can better maintain their work and personal routines while traveling. At more than 90 locations, the Hyatt House brand delivers home-like amenities, neighborly service and upscale spaces, including free hot breakfast for guests with made to order omelets; H Bar with a Sip + Snack menu; and indoor and outdoor communal spaces for productivity or relaxation. For more information, please visit hyatthouse.com. Join the conversation on Facebook or Instagram and tag photos with #HyattHouse and #WhySettle.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 20 premier brands. As of September 30, 2019, the Company's portfolio included more than 875 properties in over 60 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 colleagues, 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, vacation ownership properties, and fitness and spa locations, 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™,  Hyatt Residence Club®  and  Exhale®  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.

ADVERTISEMENT

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. These statements include statements about our plans, strategies, outlook, occupancy, ADR and growth trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, our estimated comparable system-wide RevPAR growth, our estimated Adjusted EBITDA growth, our expected net rooms growth, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, 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, 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; 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 and common stock repurchase program and other forms of shareholder capital return, including the risk that our common stock repurchase program could increase volatility and fail to enhance shareholder value; our intention to pay a quarterly cash dividend and the amounts thereof, if any; 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;  the impact of changes in the tax code as a result of the Tax Cuts and Jobs Act of 2017 and uncertainty as to how some of those changes may be applied; 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 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191121005818/en/

CONTACT: MEDIA CONTACT:

Sian Rylander

Hyatt

+1 312 780 5797

[email protected]

Angelina Hue

Hyatt – Asia Pacific

+852 2678 1323

[email protected]

KEYWORD: UNITED STATES VIET NAM NORTH AMERICA ASIA PACIFIC ILLINOIS

INDUSTRY KEYWORD: ARCHITECTURE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY LODGING DESTINATIONS TRAVEL VACATION INTERIOR DESIGN

SOURCE: Hyatt Hotels Corporation

Copyright Business Wire 2019.

PUB: 11/21/2019 10:00 PM/DISC: 11/21/2019 10:00 PM

http://www.businesswire.com/news/home/20191121005818/en

ADVERTISEMENT
Bg pattern light

UPGRADE TO PREMIUM

Subscribe to Samoa Observer Online

Enjoy access to over a thousand articles per month, on any device as well as feature-length investigative articles.

Ready to signup?