Hyatt

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Hyatt Hotels Corporation
Public
Traded as NYSEH (Class A)
Russell 1000 Component
Industry Hospitality
Founded September 27, 1957; 60 years ago (1957-09-27)
Headquarters Hyatt Center
Chicago, Illinois,
United States
Area served
Worldwide
Key people
Thomas J. Pritzker[1]
(Executive chairman)
Mark S. Hoplamazian[1]
(President and CEO)
Products Hotels and Resorts
Revenue Increase US$4.68 billion (2017)[2]
Increase US$302 million (2017)[2]
Increase US$249 million (2017)[2]
Total assets Decrease US$7.67 billion (2017)[2]
Total equity Decrease US$3.52 billion (2017)[2]
Number of employees
45,000 (December 2017)[2]
Website www.hyatt.com
Hyatt Center, headquarters of Hyatt Hotels
Hyatt Regency in Hong Kong (left)

Hyatt Hotels Corporation is an American multinational hospitality company that manages and franchises luxury hotels, resorts, and vacation properties. The Hyatt Corporation came into being upon purchase of the Hyatt House, at Los Angeles International Airport, on September 27, 1957. As of March 25, 2018, Hyatt has 777 properties in 54 countries.[3] Fortune magazine ranked Hyatt #186 on its list of "America's Best Employers" for 2018.[4]

History

The first Hyatt House was a motel near Los Angeles International Airport, opened in 1954 by entrepreneurs Hyatt Robert von Dehn and Jack Dyer Crouch.[5] In 1957, the hotel was purchased by entrepreneur Jay Pritzker for $2.2 million. His younger brother Donald Pritzker also took on an important role in the company. Considering the growing use of air travel for business, the Pritzker brothers realized that locating a high quality hotel near a major airport was a valuable business strategy. Within two years, they opened Hyatt House motels near San Francisco International Airport and Seattle–Tacoma International Airport.[6]

Over the following decade, acquisitions were made, and Hyatt became the fastest-growing hotel chain in the United States. In 1967, the company opened their iconic Regency Hyatt House in Atlanta, Georgia (today the Hyatt Regency Atlanta). The futuristic hotel was designed by Atlanta architect John Portman, who would go on to design many other hotels for the chain. It featured a massive indoor atrium, which revolutionized hotel design, and soon became a distinctive feature of many Hyatt properties. In 1969, Hyatt opened its first hotel outside the United States, when it bought the President Hotel in Hong Kong and renamed it the Hong Kong Hyatt Hotel (later known as the Hyatt Regency Hong Kong).[7]

In 1972 Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Regency Lake Tahoe Resort, Spa & Casino. After Hyatt became a private company in 1979, Elsinore was spun off as a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.[8][9]

Donald died in 1972 and Jay continued to run the company.[10]

In 1980 the Grand Hyatt and Park Hyatt brands were introduced. Hyatt runs resort hotels, starting with the Hyatt Regency Maui in 1980.[11] As of 30 November 2015 Hyatt had over 627 hotels worldwide.[12]

In June 2004, substantially all of the hospitality assets owned by Pritzker family business interests, including Hyatt Corporation and Hyatt International Corporation, were consolidated under a single entity called Global Hyatt Corp. On June 30, 2009, Global Hyatt Corporation changed its name to Hyatt Hotels Corporation.[13]

In December 2004 Hyatt Hotels Corporation acquired AmeriSuites, an upscale chain of all-suite business class hotels from affiliates of the Blackstone Group, a New York-based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain was rebranded and called Hyatt Place, a competitor to the limited-service products Marriott International's Courtyard by Marriott and Hilton Worldwide's Hilton Garden Inn.

In December 2005 Hyatt acquired limited service company Summerfield Suites from the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. According to a Hyatt press release, in January 2012 Hyatt Summerfield Suites were rebranded as Hyatt House to compete in the "upscale extended stay market" against Residence Inn, Homewood Suites and Staybridge Suites.[14]

In August 2009 it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. That November Hyatt completed an initial public offering and began trading publicly on the New York Stock Exchange under the symbol H.[15] According to the filing Mark S. Hoplamazian was to serve as CEO and Thomas Pritzker as Executive Chairman.[16] The public offering is a result of the acrimonious breakup of the Pritzker family empire. Accused of looting family trusts, Thomas and cousins Penny and Nicholas took control of the family businesses when they and other family members were sued by cousin Liesel Pritzker, claiming fraud and seeking damages of over US$6 billion.[17]

As of 31 December 2014 Hyatt Corporation's worldwide portfolio consisted of 587 properties.[18] On September 1, 2011, Hyatt acquired Hotel Sierra, which has 18 properties in 10 states. Along with Hyatt Summerfield Suites hotels, several of these properties were rebranded as Hyatt house in January 2012.[19]

The Grand Hyatt Hotel in Istanbul

Hyatt Hotels Corporation operates several chains. The Human Rights Campaign (HRC) awarded the company 100% in the HRC Equality Index for eight consecutive years.[20] The Hyatt Regency brand is the oldest brand in the company, with the Grand Hyatt and Park Hyatt brands being introduced in 1980. Some of these are styled as "resort" properties, and may have spas or other recreational facilities. Other brands include Hyatt Place, designed as a limited service offering for business travelers. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and was renamed Hyatt House in January 2012. Hyatt launched the Andaz brand in April 2007.[21] The first Andaz hotel was the Great Eastern Hotel in London, followed by hotels in San Diego, West Hollywood, Shanghai[22] and New York City (Andaz Wall Street & Andaz 5th Avenue).

On November 2013 Hyatt introduced their first all-inclusive resort brands, Ziva and Hyatt Zilara. As of 2015, Hyatt Ziva and Hyatt Zilara offer all inclusive accommodations in Cancun, Puerto Vallarta, Los Cabos and Rose Hall, Montego Bay, Jamaica.

On October 28, 2015, Hyatt announced that they were in advanced talks to acquire Starwood Hotels in the coming weeks in a cash and stock transaction. The transaction was not completed, and Starwood was acquired by Marriott International instead.

On November 14, 2016, Hyatt and Bahria Town Group signed an agreement for construction of four properties in Pakistan, combined worth US$600 million.[23] Properties include the Grand Hyatt Golf Resort on Murree Expressway in Islamabad, Hyatt Regency Golf Resort in Bahria Town Karachi, Hyatt Regency in Lahore, and Hyatt Regency in Bahria Town Rawalpindi.[24] The Hyatt Regency Karachi will feature Pakistan’s first night-lit 36-hole golf.[24]

Full-service lodging

  • Grand Hyatt hotels are large luxury hotels in major cities and holiday destinations.[25]
  • Park Hyatt hotels are mid-sized, residential luxury hotels in cities considered premier destinations.[26]
  • Andaz hotels are upscale lifestyle boutique-style hotels.[27]
  • Hyatt Regency, Hyatt's flagship hotel brand hotels, are mid- to large-scale premium hotels intended for both leisure and business travelers, including those attending conventions, located in urban, suburban, airport, convention, and resort destinations around the world.[28]
  • Hyatt hotels are smaller full-service hotels with 150 to 350 rooms located close to major business centers.[29]
  • Hyatt Centric is a new, full service lifestyle brand designed for business and leisure travelers.[30]
  • The Unbound Collection by Hyatt is a new division of hotels which are part of the Hyatt system but unbranded, maintaining their individual names.[31]

Select-service lodging

  • Hyatt Place hotels are mid-sized hotels catering to families.

Extended-stay lodging

  • Hyatt House (formerly known as Hyatt Summerfield Suites or Summerfield Suites by Wyndham and Hotel Sierra) properties are extended-stay residential hotels and smaller-to-mid-sized modern hotels in urban and suburban locations in the United States.[32]

All-inclusive resorts

Timeshares

  • Hyatt Residence Club are timeshare properties with the same service as the Hyatt brand.[34]

Notable properties

World events

1980–1989

1990–1999

2000–present

Loyalty program

Hyatt operates a loyalty program called World Of Hyatt, which replaced Gold Passport on March 1, 2017.[39]

Partnerships

Hyatt's partnership with MGM Resorts International allows members who join both companies' loyalty programs - World of Hyatt and Mlife, respectively - to "status match" (i.e., match their lower status in one of the programs to the higher tier achieved in the other), and then earn points and credits, as well as avail themselves of the perqs and partnerships associated with the higher, matched status in both programs.[40][41][42][43]

In 2018, Hyatt also began partnering with select properties in the SLH (Small Luxury Hotels of the World) chain, which allows World of Hyatt members to earn and redeem points during their stays at participating SLH properties.[44]

See also

References

  1. ^ a b "Hyatt Hotels - Management Team". Hyatt Hotels Corporation. Retrieved 2010-07-02. 
  2. ^ a b c d e f "Hyatt Hotels Corporation 2017 Annual Report (Form 10-K)" (PDF). sec.gov. U.S. Securities and Exchange Commission. February 2018. 
  3. ^ "Hyatt Hotels Corporation - Investor Relations - Our Company". investors.hyatt.com. Retrieved 2017-11-17. 
  4. ^ https://www.forbes.com/best-employers/list/
  5. ^ https://www.newspapers.com/newspage/118024752/
  6. ^ Tritsch, Shane (2007-06-21). "Tremors in the Empire - Chicago magazine - December 2002 - Chicago". Chicagomag.com. Retrieved 2012-10-30. 
  7. ^ "New World Development". Nwd.com.hk. Archived from the original on March 8, 2012. Retrieved 2012-10-30. 
  8. ^ "Elsinore Corporation". The Gale Group, Inc. Retrieved 4 August 2009. 
  9. ^ Knightly, Arnold M. (2009-08-04). "Gaming pioneer Jeanne Hood dies". Las Vegas Review-Journal. Retrieved 4 August 2009. 
  10. ^ "History of Hyatt Corporation". Funding Universe. Retrieved 2012-10-30. 
  11. ^ "Hawaii Island Resort -Hyatt Regency Maui Resort & Spa". hyatt.com. 
  12. ^ "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30. 
  13. ^ Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
  14. ^ "Hyatt Officially Welcomes Hyatt House to the Neighborhood". Hyattpressroom.com. Retrieved 2012-10-30. 
  15. ^ "Hyatt Hotels Corporation Prices Initial Public Offering". Hyattpressroom.com. Retrieved 2012-10-30. 
  16. ^ Nadja Brandt (August 6, 2009). "Hyatt to Raise Up to $1.15 Billion in Share Sale". BloombergLPcom. 
  17. ^ Andrews, Suzanna. "Shattered Dynasty". Vanity Fair. Retrieved 2012-10-30. 
  18. ^ "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30. 
  19. ^ "Hotel Sierra Joins Hyatt". Hyatt.com. 2011-09-01. Retrieved 2012-10-30. 
  20. ^ "Our Brands". Hyattpressroom.com. Retrieved 2012-10-30. 
  21. ^ Hyatt Hotels Corporation Announces Andaz(TM) Archived 2007-07-06 at the Wayback Machine.
  22. ^ "Boutique 5 Star Hotels in Shanghai, China丨Andaz Xintiandi, Shanghai丨Hyatt". hyatt.com. 
  23. ^ "Bahria Town in deal to build Hyatt hotels - The Express Tribune". The Express Tribune. 2016-11-14. Retrieved 2016-11-14. 
  24. ^ a b "Bahria Town, Hyatt Hotels sign landmark accord". www.thenews.com.pk. Retrieved 2016-11-14. 
  25. ^ "Grand Hyatt Hotels". Hyatt.com. 
  26. ^ "Park Hyatt Hotels". Hyatt.com. 
  27. ^ "Andaz Hotels by Hyatt". Hyatt.com. 
  28. ^ "Hyatt Regency Hotels". Hyatt.com. 
  29. ^ "Hyatt Hotels". Hyatt.com. 
  30. ^ "Hyatt Centric Hotels". Hyatt.com. 
  31. ^ "The Unbound Collection by Hyatt". Hyatt.com. 
  32. ^ "Hyatt House Hotels". 
  33. ^ "Hyatt All Inclusive Resorts". 
  34. ^ "Hyatt Residence Club". 
  35. ^ "Fall and rise of Lafayette Place mall - Opinion - The Boston Globe". BostonGlobe.com. 
  36. ^ https://www.reuters.com/article/2015/02/02/il-hyatt-hotels-idUSnBw025804a+100+BSW20150202
  37. ^ San Francisco Regency – Sold
  38. ^ Jaquetta White, The Times-Picayune. "Hyatt Regency will reopen in October, 6 years after Hurricane Katrina". NOLA.com. Retrieved 2012-10-30. 
  39. ^ Royal, Russin (October 27, 2016). "HYATT TO INTRODUCE NEW GLOBAL LOYALTY PROGRAM "WORLD OF HYATT"". Hyatt.com. Chicago. 
  40. ^ "Other Partnerships". Hyatt.com. 
  41. ^ Hull, Summer (November 6, 2017). "Why You Should Match Your Hyatt Status to M life Now". The Points Guy. 
  42. ^ McNutt, Emily (April 23, 2018). "Earn 20% Bonus Hyatt Points for Las Vegas M life Stays". The Points Guy. 
  43. ^ "Preferred Partners". MGM Resorts. 
  44. ^ Rosenthal,Victoria (August 3, 2018). "Hyatt Hotels partners with SLH to expand loyalty program". Hotel Management. Questex. 

External links

  • Official website
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