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Park Hyatt Qingdao Is Expected To Open In 2016 (Photo: Business Wire)

Stocks in this article: H

Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has entered into a management agreement with China Resources Land Limited for a Park Hyatt hotel in Qingdao, China. China Resources Land Limited is the owner of Grand Hyatt Shenzhen, which opened in 2009, and is the owner and developer of five additional Hyatt-branded hotels under development in China, including Park Hyatt Hangzhou, Grand Hyatt Dalian, Grand Hyatt Hefei, Grand Hyatt Shenyang, and Grand Hyatt Zhengzhou. Park Hyatt Qingdao will be the second Hyatt-branded hotel in Qingdao, following the opening of Hyatt Regency Qingdao, which is slated to open at the end of 2012.

Park Hyatt Qingdao is expected to open in 2016 (Photo: Business Wire)

Park Hyatt Qingdao is expected to open in 2016 (Photo: Business Wire)

“Qingdao is a key economic powerhouse in Shandong Province and one of China’s most important ports, and is also a popular tourist destination and a renowned summer retreat,” said Larry Tchou, Group President, Asia Pacific, Hyatt Hotels and Resorts. “We believe Park Hyatt Qingdao will deliver an unprecedented level of luxury and unrivalled hospitality experience to guests visiting this bustling gateway city. This hotel is our seventh hotel project with China Resources Land Limited, which is significant because it further underscores our relationship with this organization, as well as our commitment to creating preference by enhancing distribution of Hyatt-branded hotels throughout China, a market where our guests are frequently traveling.”

Expected to open in 2016, Park Hyatt Qingdao will be centrally located in Qingdao’s Central Business District on Shandong Road. The hotel will be part of City Crossing, a mixed used complex that will incorporate high-end residential buildings, serviced apartments, office space, and luxury shopping facilities. Park Hyatt Qingdao will be located on the upper levels of a 250-meter high skyscraper with office space underneath. The hotel will offer 247 guestrooms and suites, and will also feature an array of restaurants and bars, multi-purpose meeting and banquet spaces, a fitness center, a pool and a spa.

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