Hyatt

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Hyatt Hotels Corporation
Public
Traded as NYSEH (Class A)
Russell 1000 Component
ISIN US4485791028  Edit this on Wikidata
Industry Hospitality
FoundedSeptember 27, 1957; 62 years ago (1957-09-27)
FounderHyatt Robert von Dehn
Jack Dyer Crouch
Headquarters Chicago, Illinois,
United States
Number of locations
896 hotels [1] (2019)
Area served
Worldwide
Key people
Products Hotels and resorts
Revenue Decrease US$4.45 billion (2018) [3]
Increase US$322 million (2018) [4]
Increase US$332 million (2018) [4]
Total assetsIncrease US$7.64 billion (2018) [4]
Total equityDecrease US$3.68 billion (2018) [4]
Number of employees
100,000 [5] (2019)
Website www.hyatt.com

Hyatt Hotels Corporation, commonly known as Hyatt, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business 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. In 1969, Hyatt began expanding internationally. Hyatt has grown by developing new properties and through acquisitions, with the biggest growth coming from the acquisition of AmeriSuites (later rebranded Hyatt Place) in 2004, Summerfield Suites (later rebranded Hyatt House) in 2005, and Two Roads Hotels in 2018. [6] [7] [8] As of September 30, 2019, Hyatt has over 100,000 employees worldwide servicing nearly 900 properties across 20 brands in 60 countries. [9]

History

The first Hyatt House opened in 1954 by entrepreneurs Hyatt Robert von Dehn and Jack Dyer Crouch as a motel near Los Angeles International Airport. [10] 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. [11]

In 1967, the company opened their 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 soon became a distinctive feature of many Hyatt properties. [12]

In 1969, Hyatt opened its first hotel outside the United States, when it was awarded the management contract for the President Hotel in Hong Kong. The President Hotel was renamed the Hong Kong Hyatt Hotel (later known as the Hyatt Regency Hong Kong). [13]

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. [14] [15]

Donald died in 1972 and Jay continued to run the company. [16]

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. One of the first of these was the Hyatt Regency Maui in 1980. [17]

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. [18]

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. [7] 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. In January 2012, Hyatt Summerfield Suites were rebranded as Hyatt House in 2012 to compete in the "upscale extended stay market" against Residence Inn, Homewood Suites, and Staybridge Suites. [19]

Hyatt launched the Andaz brand in April 2007. [20] The first Andaz hotel was the Great Eastern Hotel in London, followed by hotels in San Diego, West Hollywood, Shanghai [21] and New York City (Andaz Wall Street & Andaz 5th Avenue).

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. [22] According to the filing Mark S. Hoplamazian was to serve as CEO and Thomas Pritzker as Executive Chairman. [23] The public offering was 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. [24]

On September 1, 2011, Hyatt acquired Hotel Sierra, which had 18 properties in 10 states. Along with Hyatt Summerfield Suites hotels, several of these properties were rebranded as Hyatt house in January 2012. [25]

The Grand Hyatt Hotel in Istanbul

On November 2013, Hyatt introduced their first all-inclusive resort brands, Ziva and Hyatt Zilara, with the first resorts being opened in Cancun, Puerto Vallarta, Los Cabos and Rose Hall, Montego Bay, Jamaica.

As of 31 December 2014, Hyatt Corporation's worldwide portfolio consisted of 587 properties. [26]

As of 30 November 2015 Hyatt had over 627 hotels worldwide. [27]

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

On November 14, 2016, Hyatt and Bahria Town Group signed an agreement for construction of four properties in Pakistan, combined worth US$600 million. 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. The Hyatt Regency Karachi features Pakistan's first night-lit 36-hole golf. [29]

In 2018, Hyatt saw expansion with the acquisition of Two Roads Hotels. This added the Joie de Vivre, Destination, Alila, and Thompson hotel brands to the Hyatt portfolio - a growth of 85 hotels in 23 markets. [30]

On December 6, 2018, Hyatt signed a contract with Kastrati Group to manage MAK Albania Hotel (former Sheraton Tirana) in Tirana, Albania. The hotel will be branded as Hyatt Regency and Residences Tirana. [31]

Brands

Hyatt Place logo
Grand Hyatt logo
The interior atrium at Hyatt Regency New Orleans

Hyatt-branded properties have traditionally catered to upscale or business customers; its properties were either full-service or boutique hotels. In 1980, Hyatt added the Grand Hyatt and Park Hyatt brands to its portfolio. In 1995, Hyatt entered the vacation ownership market. Hyatt introduced the Hyatt Place brand, designed as a limited service offering for business travelers, in 2006. Hyatt House was Hyatt's first select-service property, catering primarily to travelers with long-term stays and at a more economical price point. Since then, Hyatt has added a wide range of other brands, especially in the lifestyle and resort segments. [6]

Manchester Grand Hyatt San Diego, one of Grand Hyatt's largest hotels with over 1600 rooms

Hyatt categorizes its brands under three categories: Timeless Portfolio (containing Hyatt's classic brands), Boundless Portfolio (lifestyle brands) and Independent Collections (soft-branded independent properties). Two additional upscale lifestyle brands, tommie and Caption, have been announced and will be joining the portfolio once the first properties open.[ citation needed]

Timeless Portfolio

  • Grand Hyatt - large luxury hotels with fine dining and expansive meeting facilities
  • Park Hyatt - top-tier luxury brand, offering residential-style luxury
  • Miraval - luxury wellness resorts
  • Hyatt Regency - Hyatt's signature, upper-upscale brand
  • Hyatt - Hyatt's brand of modern hotels
  • Hyatt Ziva - all-inclusive family resorts
  • Hyatt Zilara - all-inclusive adults-only resorts
  • Hyatt Place - mid-tier brand offering large rooms
  • Hyatt House - extended-stay properties
  • Hyatt Residence Club - timeshare and vacation rental resorts

Boundless Portfolio

  • Andaz - art-and-design-focused luxury lifestyle hotels
  • Alila Hotels and Resorts - luxury boutique hotels built around sustainable practices
  • Thompson Hotels - luxury boutique hotels
  • Hyatt Centric - upscale lifestyle properties
  • Exhale Spa + Fitness - fitness clubs

Independent Collections

  • The Unbound Collection by Hyatt - a collection of independent, upper-upscale hotels
  • Destination Hotels - luxury independent properties
  • Joie de Vivre Hotels - a collection of independent properties designed around their immediate neighborhoods

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]

In October 2018, Hyatt announced their purchase of Two Roads Hospitality, a lifestyle hotel management company, for a base purchase price of $480 million. Hyatt will take the management controls of 85 properties of Two Road's across eight countries. All the hotels have joined the World of Hyatt loyalty programme in 2019. [8]

Recognition

Fortune magazine ranked Hyatt #32 on its list of "America's Best Companies to Work For" in 2019. [45] The Human Rights Campaign (HRC) has awarded the company 100% in the HRC Equality Index for more than ten years, last in 2020. [46] [47]


See also

References

  1. ^ https://s2.q4cdn.com/278413729/files/doc_financials/2019/q3/FINAL-Q3-2019-Earnings-Release.pdf
  2. ^ a b c "Hyatt Hotels - Management Team". Hyatt Hotels Corporation. Retrieved 2019-11-14.
  3. ^ "Hyatt Hotels revenue". www.macrotrends.net.
  4. ^ a b c d "Hyatt Hotels Revenue 2009-2020 | H". www.macrotrends.net.
  5. ^ https://about.hyatt.com/en.html
  6. ^ a b "Hyatt History". Hyatt About. Retrieved 2020-02-18.
  7. ^ a b "About Hyatt". Hyatt.com. 2004-12-09. Retrieved 2019-07-05.
  8. ^ a b "Hyatt to acquire Two Roads Hospitality". Retrieved 10 October 2018.
  9. ^ "Hyatt Hotels Corporation - Investor Relations - Our Company". investors.hyatt.com.
  10. ^ "Arizona Republic from Phoenix, Arizona on July 31, 1973 · Page 5". Newspapers.com.
  11. ^ Tritsch, Shane (2007-06-21). "Tremors in the Empire - Chicago magazine - December 2002 - Chicago". Chicagomag.com. Retrieved 2012-10-30.
  12. ^ Wheatley, Thomas (July 10, 2017). "After 50 years, Hyatt Regency Atlanta is still a downtown icon".
  13. ^ Lo, York (11 December 2017). "The Kings of Industrial Buildings - the Chung brothers of E.Wah Aik San". The Industrial History of Hong Kong Group. Retrieved 2019-06-06.
  14. ^ "Elsinore Corporation". The Gale Group, Inc. Retrieved 4 August 2009.
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  18. ^ Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
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  21. ^ "Boutique 5 Star Hotels in Shanghai, China丨Andaz Xintiandi, Shanghai丨Hyatt". hyatt.com.
  22. ^ "Hyatt Hotels Corporation Prices Initial Public Offering". Hyattpressroom.com. Archived from the original on 2014-04-07. Retrieved 2012-10-30.
  23. ^ Nadja Brandt (August 6, 2009). "Hyatt to Raise Up to $1.15 Billion in Share Sale". BloombergLPcom. Archived from the original on 2012-11-04.
  24. ^ Andrews, Suzanna. "Shattered Dynasty". Vanity Fair. Retrieved 2012-10-30.
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  27. ^ "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30.
  28. ^ "Marriott Buying Starwood in Deal Valued at $12.2 Billion". www.bloomberg.com. Archived from the original on 2016-03-19. Retrieved 2020-07-05.
  29. ^ "Hyatt to open four luxury hotel in Pakistan". Gulf News. Retrieved 2019-07-05.
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  31. ^ Jonuzaj, Klaudjo. "First Hyatt hotel to open in Albania's Tirana - PM Rama". Archived from the original on 2018-12-06.
  32. ^ "Londonist".
  33. ^ Leavy, Jake (30 January 2020). "The 20 Most Anticipated Hotel Openings Of 2020 In The US". thetravel.com. Retrieved 9 February 2020.
  34. ^ San Francisco Regency – Sold
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  36. ^ "When this hotel skywalk collapsed, it was one of the deadliest structural failures in US history". Timeline. Retrieved 2019-07-05.
  37. ^ "A story of unity, resilience: 28 years after the 1990 killer quake". PNA. Retrieved 2019-07-05.
  38. ^ Jaquetta White, The Times-Picayune (May 18, 2011). "Hyatt Regency will reopen in October, 6 years after Hurricane Katrina". NOLA.com. Archived from the original on 2011-05-21. 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.
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  47. ^ Campaign, Human Rights. "HRC's 2020 Corporate Equality Index". Human Rights Campaign. Retrieved 2020-02-18.

External links