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White Lodging Services and Hyatt Hotels Corporation (NYSE: H) announced the formation of a joint venture to develop Denver’s first dual-branded Hyatt Place/Hyatt House. A Hyatt affiliate and White Lodging will each own 50 percent of the joint venture and White Lodging will operate the hotels under franchise agreements with a Hyatt affiliate.
“We are thrilled to expand upon our strategic relationship with Hyatt and looking forward to breaking ground in November,” said Deno Yiankes, president and CEO of White Lodging’s Investments and Developments division. “This project is yet another example of our continued focus on developing and investing in premium branded hotels in dynamic urban markets that will attract business, convention and leisure travelers alike.”
The Hyatt Place hotel will offer 248 spacious guestrooms and the Hyatt House hotel will offer 113 residentially inspired upscale guestrooms. Each hotel will feature the brands’ signature design and amenities. The hotels will be located in the heart of the city’s business district and just one block from the Colorado Convention Center and Denver’s famed 16
th street entertainment district, and within walking distance to the Pepsi Center and Coors Field.
“Denver has a diverse economy driven by multiple industries, the state capital, higher education and entertainment,” said Steve Haggerty, global head of real estate and capital strategy for Hyatt. “This joint venture allows Hyatt to deepen our relationship with an experienced and well respected hotel owner, and introduce our Hyatt Place and Hyatt House brands to downtown Denver.”
The project, which was announced in April, will be White Lodging’s first newly built Hyatt House hotel, as well as its first dual-branded property under Hyatt brands. Upon opening, it will be White Lodging’s fifth newly constructed, urban Hyatt Place.
Construction of the property is expected to start in November 2013 and is anticipated to open in summer 2015. The stand-alone 21-story building will have 361 hotel rooms at the southeast corner of 14
th Street and Glenarm Place.
“We are in the beginning of an investment boom as a city, and I'm proud of the many cornerstone developments happening in my district,” said Albus Brooks, Denver City Councilman, District 8. “One such development is the Hyatt Place/Hyatt House project. With the creation of over 80 permanent jobs and a positive tax impact of over $3 million, it is important for us to realize that this project is truly an asset to the long-term vitality of the City of Denver. May this serve as a call to action for other people looking to invest in our great city.”