Hyatt Hotels Corporation (NYSE: H) today announced that an affiliate of Hyatt has sold the 451-room Hyatt Regency Denver Tech Center to an affiliate of JMI Realty for approximately $60 million or $133,000 per key. As part of the sale, Hyatt has also entered into a franchise agreement with JMI Realty. Davidson Hotels & Resorts will manage the hotel for JMI Realty under the Hyatt Regency flag.
“This transaction allows Hyatt to retain its brand presence in the Denver Tech Center area and furthers our capital recycling strategy, which allows us to continue to achieve strategic growth,” said Stephen Haggerty, global head, real estate and capital strategy for Hyatt. “We are excited to enter into a relationship with an owner as respected as JMI Realty, and we believe their planned renovation of the hotel’s meeting space will help maintain the Hyatt Regency brand’s reputation as a superior place for meetings and events.”
The recently renovated Hyatt Regency Denver Tech Center is the only hotel in the Denver Tech Center area to earn the AAA Four Diamond status. The hotel features more than 30,000 square feet of function space, the recently opened Root25 Taphouse & Kitchen which highlights Colorado craft beer, spirits and locally sourced ingredients and Perks Coffee & Go, a gourmet market offering Starbucks® coffee and specialty breakfast and lunch items.
About Hyatt Hotels CorporationHyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt House® brand names and have locations on six continents. Hyatt Residential Group, Inc. , a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences TM and Hyatt Residence Club TM . As of June 30, 2013, the Company's worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit www.hyatt.com. Forward-Looking Statements 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. 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, among others, the rate and 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; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no 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 laws. 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.