Hyatt Hotels Corporation
TypePublic
ISINUS4485791028
IndustryHospitality, travel, tourism
FoundedSeptember 27, 1957 (1957-09-27)
Founders
  • Hyatt Robert von Dehn
  • Jack Dyer Crouch
Headquarters150 North Riverside, ,
U.S.
Number of locations
1,350 hotels (350,200 rooms)[1] (2023)
Area served
Worldwide
Key people
Thomas Pritzker
(Chairman)
Mark Hoplamazian
(President and CEO)
ProductsHotels and resorts
Services
Revenue Increase US$5.89 billion (2022)[2]
Increase US$939 million (2022)[2]
Increase US$455 million (2022)[2]
Total assetsIncrease US$12.60 billion (2022)[2]
Total equityIncrease US$3.56 billion (2022)[2]
Number of employees
189,000[3] (2023)
SubsidiariesApple Leisure Group
Websitewww.hyatt.com

Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, 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. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family.

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 Hospitality in 2018.[4][5][6]

Hyatt has more than 1350 hotels and all-inclusive properties in 69 countries across six continents.

History

The first Hyatt House was opened in 1954 by entrepreneurs Hyatt Robert von Dehn (1904–1973) and Jack Dyer Crouch (1915–1990) as a motel near Los Angeles International Airport.[7] In 1957, the hotel was purchased by entrepreneur Jay Pritzker for US$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 Hotels near San Francisco International Airport and Seattle–Tacoma International Airport.[8]

The company went public in 1962 as Hyatt Corporation. It had two divisions - Hyatt House Hotels and Hyatt Chalet Motels (renamed Hyatt Lodges in 1966).[9]

In 1967, the company opened the Regency Hyatt House in Atlanta, Georgia (today named 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.[10]

In 1968, Hyatt International was formed, to operate hotels outside the United States.[11] It would soon become a separate company. In 1969, Hyatt opened its first international hotel, when it was awarded the management contract for the President Hotel in Hong Kong, which was renamed the Hong Kong Hyatt Hotel (later known as the Hyatt Regency Hong Kong).[12]

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. Donald Pritzker died in 1972 and Jay Pritzker continued to run the company.[13]

Hyatt became a private company in 1979, when the Pritzkers bought the outstanding shares.[11] 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]

Alongside the Hyatt Regency brand, the company introduced the Grand Hyatt brand in 1980, with the opening of the Grand Hyatt New York.[9] That same year, the boutique Park Hyatt brand was also introduced.[9]

The Pritzkers took Hyatt International private as well, in 1982.[11] However, Hyatt and Hyatt International remained two separate companies until June 2004, when substantially all of the hospitality assets owned by the 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.[16]

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.[5] 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.[17]

Hyatt launched its first lifestyle brand, Andaz, in April 2007.[18] Hindi for the word 'style', Andaz is positioned as a luxury brand, with the first hotel being a rebrand of the Great Eastern Hotel in London, followed by hotels in San Diego, West Hollywood, Shanghai[19] and New York City.

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.[20] According to the filing Mark S. Hoplamazian was to serve as CEO and Thomas Pritzker as Executive Chairman.[21] 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.[22]

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.[23]

The Grand Hyatt Hotel in Istanbul

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

As of 30 November 2015, Hyatt had over 627 hotels worldwide.[24]

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.[25]

In 2018, Hyatt saw expansion with the acquisition of Two Roads Hospitality. This added the Joie de Vivre, Destination, Alila, and Thompson hotel brands to the Hyatt portfolio, a growth of 85 hotels in 23 markets.[26]

In March 2021, Hyatt announced the official opening of Hyatt's 1,000th hotel worldwide, Alila Napa Valley in St. Helena, California.[27]

In August 2021, Hyatt Hotels Corporation (NYSE: H) acquired Apple Leisure Group (ALG), a luxury resort-management services, travel and hospitality group, from affiliates of KKR and KSL Capital Partners for $2.7 billion in cash. ALG's hotel portfolio consists of over 33,000 rooms operating in 10 countries. The acquisition will extend Hyatt's brand footprint into 11 more European markets.[28]

Brands

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

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.[4]

Manchester Grand Hyatt San Diego, one of Grand Hyatt's largest hotels with over 1600 rooms
Homa Hotel Mashhad, opened in 1973 as Hyatt Omar Khayyam, in Mashhad, Iran.

Hyatt categorizes its brands under four categories: timeless collection (containing Hyatt's classic brands), boundless collection (lifestyle brands), independent collection (soft-branded independent properties) and inclusive collection (all-inclusive hotels). Two additional upscale lifestyle brands, tommie and Caption, have been announced and will be joining the portfolio once the first properties open. Another brand, Hyatt Studios, was unveiled in April 2023 as Hyatt's first upper-midscale lodging segment in the Americas. Plans call for 100 Hyatt Studios hotels to be built starting in 2023 and the first location opening in 2024.[29]

Timeless Collection

  • Park Hyatt – top-tier luxury brand, offering residential-style luxury
  • Grand Hyatt – large luxury hotels with fine dining and expansive meeting facilities
  • Hyatt Regency – Hyatt's signature brand
  • Hyatt Place – mid-tier brand offering large rooms
  • Hyatt House – extended-stay properties
  • Hyatt – Hyatt's brand of modern hotels
  • UrCove by Hyatt – Hyatt's new brand targeted to Chinese travelers, co-developed with Home Inn.
  • Hyatt Residence Club – timeshare and vacation rental resorts

Boundless Collection

  • Miraval – luxury wellness resorts
  • Alila Hotels and Resorts – luxury boutique hotels built around sustainable practices
  • Andaz – art-and-design-focused luxury lifestyle hotels
  • Thompson Hotels – luxury boutique hotels
  • Dream Hotels - market-making design and experiential hospitality
  • Hyatt Centric – upscale lifestyle properties
  • Caption by Hyatt – select-service lifestyle brand with smaller rooms and lively public spaces

Independent Collection

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

Inclusive Collection

  • Impression by secrets - all-inclusive adults-only resorts
  • Hyatt Ziva – all-inclusive family resorts
  • Hyatt Zilara – all-inclusive adults-only resorts
  • Zoetry Wellness and Spa Resorts
  • Secrets Resorts and Spas - All-inclusive adult only beachfront resorts targeted at couples looking for romantic getaways
  • Breathless Resorts and Spas - Adult only all-inclusive beachfront resorts
  • Dreams Resorts and Spas - Beachfront all-inclusive resorts targeted at couples and families
  • Hyatt Vivid Hotels and Resorts - Adult only all-inclusive beachfront resorts
  • Alua Hotels and Resorts - European seaside resorts and hotels
  • Sunscape Resorts and Spas - Beachfront Resorts targeted at families

Notable properties

Partnerships

Hyatt has a partnership with MGM Resorts International.[48]

In 2018, Hyatt began partnering with some 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.[49]

In October 2018, Hyatt announced its purchase of Two Roads Hospitality, a lifestyle hotel management company, for a base purchase price of US$480 million, with Hyatt to take management control of 85 Two Road properties across eight countries. All the hotels had joined the World of Hyatt loyalty programme by 2019.[6]

Loyalty program

Hyatt operates a loyalty program called World of Hyatt, which replaced Gold Passport on March 1, 2017.[50] This program includes membership tiers of discoverist, explorist, and globalist, and it offers Hyatt members benefits like higher room type upgrades and complimentary breakfast.[51]

Hyatt's partnership with MGM Resorts International allows members of 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 perquisites and partnerships associated with the higher, matched status in both programs.[52]

Recognition

Fortune magazine ranked Hyatt #32 on its list of "America's Best Companies to Work For" in 2019,[53] rising to #16 in 2021.[54] The Human Rights Campaign (HRC) has awarded the company 100% in the HRC Equality Index for more than ten years, last in 2020.[55][56]

See also

References

  1. "Hyatt Hotels Corporation" (PDF). US Securities and exchange commission. Retrieved May 4, 2023.
  2. 1 2 3 4 5 "Final-Q4-2022-Non-GAAP-Reconciliation" (PDF). Hyatt Hotels. Retrieved February 16, 2023.
  3. About Hyatt Archived 2021-05-01 at the Wayback Machine
  4. 1 2 "Hyatt History". Hyatt About. Archived from the original on February 15, 2020. Retrieved February 18, 2020.
  5. 1 2 "About Hyatt". Hyatt.com. December 9, 2004. Retrieved July 5, 2019.
  6. 1 2 "Hyatt to acquire Two Roads Hospitality". Retrieved October 10, 2018.
  7. "Arizona Republic from Phoenix, Arizona on July 31, 1973 · Page 5". Newspapers.com. July 31, 1973.
  8. Tritsch, Shane (June 21, 2007). "Tremors in the Empire - Chicago magazine - December 2002 - Chicago". Chicagomag.com. Retrieved October 30, 2012.
  9. 1 2 3 "Hyatt Investor Fact Book".
  10. Wheatley, Thomas (July 10, 2017). "After 50 years, Hyatt Regency Atlanta is still a downtown icon".
  11. 1 2 3 "Hyatt History". Archived from the original on February 15, 2020. Retrieved February 2, 2020.
  12. Lo, York (December 11, 2017). "The Kings of Industrial Buildings - the Chung brothers of E.Wah Aik San". The Industrial History of Hong Kong Group. Retrieved June 6, 2019.
  13. "History of Hyatt Corporation". Funding Universe. Retrieved October 30, 2012.
  14. "Elsinore Corporation". The Gale Group, Inc. Retrieved August 4, 2009.
  15. Knightly, Arnold M. (August 4, 2009). "Gaming pioneer Jeanne Hood dies". Las Vegas Review-Journal. Archived from the original on October 7, 2012. Retrieved August 4, 2009.
  16. Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
  17. "Hyatt Officially Welcomes Hyatt House to the Neighborhood". Hyattpressroom.com. Archived from the original on September 3, 2012. Retrieved October 30, 2012.
  18. "Hyatt Hotels Corporation Announces Andaz(TM)". Archived from the original on July 6, 2007.
  19. "Boutique 5 Star Hotels in Shanghai, China丨Andaz Xintiandi, Shanghai丨Hyatt". hyatt.com.
  20. "Hyatt Hotels Corporation Prices Initial Public Offering". Hyattpressroom.com. Archived from the original on April 7, 2014. Retrieved October 30, 2012.
  21. Nadja Brandt (August 6, 2009). "Hyatt to Raise Up to $1.15 Billion in Share Sale". BloombergLPcom. Archived from the original on November 4, 2012.
  22. Andrews, Suzanna (May 2003). "Shattered Dynasty". Vanity Fair. Retrieved October 30, 2012.
  23. "Hotel Sierra Joins Hyatt". Hyatt.com. September 1, 2011. Retrieved October 30, 2012.
  24. "About Hyatt". Hyatt.com. June 30, 2012. Retrieved October 30, 2012.
  25. "Marriott Buying Starwood in Deal Valued at $12.2 Billion". Bloomberg.com. November 16, 2015. Archived from the original on March 19, 2016. Retrieved July 5, 2020.
  26. "Hyatt to acquire Two Roads Hospitality". www.hyatt.com.
  27. 1 2 Staff, HospiBiz (March 15, 2021). "Hyatt celebrates sustained growth with 1,000th global hotel opening - HOSPIBIZ". Retrieved March 20, 2021.
  28. "Hyatt Hotels Corporation - Investor Relations - Our Company". investors.hyatt.com.
  29. "Hyatt Announces New Brand Hyatt Studios, Its First Upper-Midscale Brand in the Americas". www.travelmarketreport.com. Retrieved April 19, 2023.
  30. "Hotel blasts kill dozens in Jordan". www.cnn.com. November 10, 2005. Retrieved September 9, 2020.
  31. "A story of unity, resilience: 28 years after the 1990 killer quake". PNA. Retrieved July 5, 2019.
  32. "A Quite Long History of Balinese Hotel Architecture Part I: Wija Waworuntu and Donald Friend". Medium. October 2, 2022. Retrieved June 26, 2023.
  33. "A Quite Long History of Balinese Hotel Architecture Part IV: Massive Scale!". Medium. October 2, 2022. Retrieved June 26, 2023.
  34. "Hyatt Regency Jacksonville Riverfront". emporis.com. Emporis. Archived from the original on May 6, 2018. Retrieved May 5, 2018.
  35. "Opening Ceremony Park Hyatt Jakarta, Hary Tanoe : Park Hyatt Ke-46 di Dunia". Oke News. July 8, 2022. Retrieved June 26, 2023.
  36. "Understanding the Tragic Hyatt Regency Walkway Collapse". Interesting Engineering. Archived from the original on February 27, 2019. Retrieved July 5, 2019.
  37. "When this hotel skywalk collapsed, it was one of the deadliest structural failures in US history". Timeline. August 2, 2017. Retrieved July 5, 2019.
  38. "Londonist". December 15, 2016.
  39. Leavy, Jake (January 30, 2020). "The 20 Most Anticipated Hotel Openings Of 2020 In The US". thetravel.com. Retrieved February 9, 2020.
  40. "REVIEW – Park Hyatt Maldives". The Luxury Traveller. June 4, 2021. Retrieved June 26, 2023.
  41. "Hyatt Regency Mumbai shuts down due to lack of funds | HOSPIBIZ". hospibiz.com. June 8, 2021. Retrieved June 9, 2021.
  42. 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 May 21, 2011. Retrieved October 30, 2012.
  43. "Survivor describes shooting at Hyatt Regency Hotel in downtown Phoenix that left 1 dead, 7 others hospitalized".
  44. San Francisco Regency – Sold
  45. "1,260-room hotel in Hedreen complex will be Hyatt Regency". Seattle Daily Journal of Commerce. October 6, 2016. Retrieved October 18, 2016.
  46. "Review: Park Hyatt Zanzibar (Tanzania)". The Luxury Travel Expert. January 31, 2018. Retrieved June 26, 2023.
  47. "Other Partnerships". Hyatt.com.
  48. Rosenthal, Victoria (August 3, 2018). "Hyatt Hotels partners with SLH to expand loyalty program". Hotel Management. Questex.
  49. Royal, Russin (October 27, 2016). "HYATT TO INTRODUCE NEW GLOBAL LOYALTY PROGRAM "WORLD OF HYATT"". Hyatt.com. Chicago.
  50. "An Introduction to World of Hyatt". www.chatflights.com. Retrieved July 8, 2023.
  51. "Preferred Partners". MGM Resorts.
  52. "Hyatt Hotels". Fortune.
  53. "Hyatt Hotels | 2021 100 Best Companies". Fortune. Retrieved November 30, 2021.
  54. "Hyatt Recognized by Human Rights Campaign as 'Best Place to Work' for LGBT Equality". Hyatt Press Room. Hyattpressroom.com. November 18, 2015. Archived from the original on February 18, 2020. Retrieved October 30, 2012.
  55. Campaign, Human Rights. "HRC's 2020 Corporate Equality Index". Human Rights Campaign. Retrieved February 18, 2020.
  • Official website Edit this at Wikidata
  • Business data for Hyatt:
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.