Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise agreement with Resolution Property, which has teamed up with specialist real estate firm Berkeley Capital Group, to develop a Hyatt Place hotel at Black Lion House on Whitechapel Road in Aldgate. Hyatt Place London City/East will be a 280-room hotel managed by Cycas Hospitality and will mark the fourth collaboration with Cycas Hospitality on select service Hyatt hotels in Europe.
The Hyatt Place brand is rooted in extensive consumer insights indicating that guests seek stylish, comfortable, seamless experiences that accommodate their lifestyles and familiar routines. To embody this, the brand offers casual hospitality and purposeful service in a smartly designed, tech-forward and contemporary environment.
Slated to open in 2020, Hyatt Place London City/East will be the third Hyatt Place hotel in Greater London, joining Hyatt Place London Heathrow Airport and Hyatt Place West London/Hayes. It will feature a ninth-floor hotel lounge and terrace providing scenic views across London, a flexible meeting room concept, further lobby area, inner courtyard, gym, and a grab-and-go food market.
Set to be the first city center Hyatt Place hotel in London, Hyatt Place London City/East will mark an important milestone for the brand in the UK, said Nuno Galvao-Pinto, Hyatts regional vice president acquisitions and development Europe. We are delighted to have this opportunity to collaborate with Cycas Hospitality, Resolution Property and Berkeley Capital Group to build on our commitment to expanding the Hyatt Place brand footprint. We are excited to continue our role in Londons continued expansion in the east and the on-going regeneration of Aldgate and Whitechapel. Hyatt Place London City/East will benefit both business and leisure travelers and will be a significant contribution to Hyatts growing select service portfolio in Europe.
Securing planning is a significant achievement, and it is fantastic that we can now move forward with the development of Black Lion House into a Hyatt Place hotel, supported by our partner Berkeley Capital Group, commented Head of UK Investment Oliver Jackson, Resolution Property. Bringing the Hyatt Place brand into central London perfectly demonstrates Resolutions approach as a pioneering developer focused on creating new and exciting hotel destinations in collaboration with world-leading brands, such as Hyatt Place, to meet the needs of emerging and future demands.
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We are pleased to be teaming up with Resolution Property and Hyatt to develop this exciting central London site, said Lissa Engle, founder and director Berkeley Capital Group. This development underscores our keen interest to seek out and collaborate with best-in-class operators, owners and leading hotel brands to create properties that deliver optimum value. We thank the team for all their efforts and look forward to continuing our work together to ensure the successful opening of the first Hyatt Place hotel in central London.
We are excited to be expanding our work with Hyatt by managing Hyatt Place London City/East; our fourth collaboration with Hyatt, said Eduard Elias, co-founder of Cycas Hospitality. Our deep understanding of the Hyatt Place brand ensures that we can consistently exceed the levels of care Hyatt Place guests have come to know and expect, and we look forward to further growing our collaboration with Hyatt across the UK and Europe.
Hyatt Place London City/East will be the seventh Hyatt-branded hotel in the UK, joining Hyatt Regency London The Churchill, Andaz London Liverpool Street, Hyatt Place West London/Hayes, Hyatt Place London Heathrow Airport, Hyatt Regency Birmingham, and the Great Scotland Yard Hotel London, which is expected to open early 2019.
For more information about Hyatt Place hotels, please visit www.hyattplace.com.
The term Hyatt is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Place
Hyatt Place, a brand of Hyatt Hotels Corporation, combines style, innovation and 24/7 convenience to create a seamless stay with modern comforts. There are more than 312 Hyatt Place locations in Armenia, Australia, Brazil, Canada, Chile, China, Costa Rica, Germany, Honduras, India, Mexico, Morocco, Nicaragua, Panama, Puerto Rico, Thailand, The Netherlands, United Arab Emirates, United Kingdom, and the United States. For more information, please visit hyattplace.com. Join the conversation on Facebook and Instagram, and tag photos with #HyattPlace and #WhySettle.
About Cycas Hospitality
Founded in 2008, Cycas Hospitality is a hotel management company which specialises in extended-stay and dual-branded properties. With a total of 3,099 suites and rooms open or under development across 19 hotels, 13 are open. These are in key city centre locations across the UK (London, Liverpool, Manchester, Newcastle) and include Cycas first properties in mainland Europe (Amsterdam, Paris, Rouen).
Following recent investment from the family-owned Huakee Group, Cycas intends to grow its portfolio to more than 10,000 guest rooms by 2022.
Having pioneered the branded extended-stay hotel concept in Europe, Cycas is Londons leading operator in this field and a partner of choice for international investors and major global hotel franchise brands, helping develop their dual-branded concept in the region. It will also be bringing Hyatts first dual-branded property to Europe, with the opening of the first extended-stay property serving Paris Charles de Gaulle Airport.
Cycas delivers a combination of expertise in hotel operations, property development and asset management. With the philosophy that our job is not over until we get a smile and winner of the Cateys 2018 ˜Best Employer award, its overarching goal is to be one of the best hospitality employers in the market, making its hotels the best places to work as well as stay.
About Resolution Property
Resolution Property was founded in 1998 with the specific aim of investing in UK and European commercial real estate that offers scope for high returns through a combination of good initial stock selection, active management, refurbishment and redevelopment potential. Grounded in experience of some of Europes most successful urban development projects, Resolution Property creates inspiring places, from cutting-edge workspaces to vibrant retail destinations across Europe. Its London and UK regional office developments offer bespoke workplaces, recognizing that creative companies thrive in stimulating environments. Across Europe, Resolution uses innovative and creative asset management techniques to release un-tapped value from outlet centers and mixed-use schemes.
About Berkeley Capital Group
Berkeley Capital Group is a specialist real-estate firm which invests in and develops high-quality hotels and mixed-use schemes in the UK and Europe.
The firm partners with land and property owners, and investors including institutional funds, private equity firms and family offices looking for innovative, deliverable solutions for optimum value creation.
As a specialist hospitality-focused firm, Berkeley Capital has the ability to manage the entire value chain: from identifying sites, structuring the capital, bringing together a brand, an operator and the whole development team, to overseeing the development and asset management post hotel opening. Further information is available at www.berkeleycapitalgroup.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of June 30, 2018, the Company’s portfolio included more than 750 properties in more than 55 countries across six continents. The Company’s purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top colleagues, build relationships with guests and create value for shareholders. The Company’s subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt, Miraval, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva„¢, Hyatt Zilara„¢, Hyatt Residence Club and exhale brand names. For more information, please visit www.hyatt.com.
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 our actual results, performance or achievements 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; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; the possible inability of third-party owners, franchisees or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; general volatility of the capital markets and our ability to access such 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 U.S. Securities and Exchange Commission. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only 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 law. 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.