The Company expects that a significant number of new properties will be opened under various Company brands in the future. As of December 31, 2012 this effort was underscored by executed management or franchise contracts for approximately 200 hotels (or approximately 45,000 rooms) across all brands. The executed contracts represent potential entry into several new countries and expansion into many new markets or markets in which the Company is under-represented. See the table on page 14 of the accompanying schedules for a breakdown of the executed contract base.
Capital expenditures during the fourth quarter of 2012 totaled $91 million, categorized as follows:
- Maintenance: $42 million
- Enhancements to existing properties: $39 million
- Investment in new properties: $10 million
Capital expenditures during the 2012 full fiscal year totaled $301 million, categorized as follows:
- Maintenance: $106 million
- Enhancements to existing properties: $153 million
- Investment in new properties: $42 million
- Acquired the Hyatt Regency Birmingham, previously managed by the Company, for approximately $43 million.
- Closed on the sale of eight select service hotels with an aggregate of 1,043 rooms for approximately $87 million. The Company will continue to manage these hotels under long-term agreements.
- Formed a joint venture with Host Hotels & Resorts to develop and operate a Hyatt Residence Club in Maui, Hawaii. The Company expects to invest approximately $40 million in the vacation ownership property.