Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has signed a management agreement with IHHR Hospitality Private Limited (IHHR) for five Ista hotels in India to be re-branded by Hyatt. Under the agreement, the fully operational Ista hotels will be known as Hyatt Bangalore, Hyatt Pune, Hyatt Hyderabad, Hyatt Ahmedabad and Hyatt Amritsar. The branding effort is expected to be completed by March 2013. The agreements were signed by both parties on October 29, 2012 in London.
Each of the five Ista hotels enjoy premium locations within their respective cities and reflect a contemporary and modern design that offers the business traveler a convenient and stylish place to live, dine and meet. In recognition of their standing as one of India’s most successful home-grown brands, Ista Bangalore and Ista Hyderabad have been awarded a position on the Condé Nast Traveler’s prestigious Hot List in 2006 and 2007, respectively. They were also ranked among the top business hotels in South Asia by Travel + Leisure magazine.
“As a company we see a perfect fit with IHHR’s forward-thinking philosophy and vision,” said Ratnesh Verma, Senior Vice President, Real Estate and Development for Hyatt Hotels & Resorts in Asia-Pacific. “We feel honored to have been selected as the new brand for their portfolio in India. It is our constant endeavor to create preference for our brand by having hotels in markets where our customers are traveling. This opportunity allows Hyatt to further consolidate its distribution in India and offer its customers a choice in new markets such as Bangalore, Amritsar and Ahmedabad. The re-branding will also enhance our representation with a great collection of high quality hotels that are already recognized as market leaders in guest experience and performance.”
The mutually beneficial association between the two hospitality companies will, in turn, enable the five hotels to enlarge their global reach, become a part of Hyatt’s popular Hyatt Gold Passport loyalty program and other marketing initiatives, take advantage of Hyatt’s well-established systems and processes, and participate in Hyatt’s extensive network of hotels in 45 countries. This deal will also allow IHHR to re-focus its efforts on further developments and its other brands, which include the award-winning destination spa brand Ananda in the Himalayas.Ashok Khanna, managing director of IHHR said, “We are proud of our achievement in establishing the five Ista Hotels since the inception of the brand in 2006. We wanted to tap into the confidence and power of young India, so we listened to what those customers wanted and worked with excellent architects and designers to create Ista. Clearly we got it right, because we won awards from the writers and readers of highly respected publications. The time is now right to step back to our role as owners and hand these Ista hotels to a superb brand in Hyatt, which can take the business to the next level, through its marketing and brand strength. We are delighted with this relationship.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV