Hyatt

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Hyatt Hotels Corporation
TypePublic
Traded asNYSEH
IndustryHospitality
HeadquartersHyatt Center
Chicago, Illinois
United States
Key peopleThomas J. Pritzker[1]
(Executive chairman)
Mark S. Hoplamazian[1]
(President and CEO)
ProductsHotels
RevenueIncrease US$3.95 billion (2012)
Net incomeIncrease US$88 million (2012)
Employees45,000 (corporate/regional offices, vacation ownership and owned & managed hotels)
WebsiteHyatt Hotels & Resorts
References: [2][3]
 
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Hyatt Hotels Corporation
TypePublic
Traded asNYSEH
IndustryHospitality
HeadquartersHyatt Center
Chicago, Illinois
United States
Key peopleThomas J. Pritzker[1]
(Executive chairman)
Mark S. Hoplamazian[1]
(President and CEO)
ProductsHotels
RevenueIncrease US$3.95 billion (2012)
Net incomeIncrease US$88 million (2012)
Employees45,000 (corporate/regional offices, vacation ownership and owned & managed hotels)
WebsiteHyatt Hotels & Resorts
References: [2][3]
Hyatt Regency in Hong Kong (left)

Hyatt Hotels Corporation is an American international company and operator of hotels. The Hyatt Corporation was born upon purchase of the Hyatt House, at Los Angeles International Airport on September 27, 1957.

History[edit]

The original owners were entrepreneurs, Hyatt R. von Dehn and Jack D. Crouch. Von Dehn was eager to get out of the hotel business after a few years, so he sold his share in the hotel to Jay Pritzker. Jay's younger brother Donald Pritzker, under Jack Crouch's mentorship and along with his brother Jay, took over day-to-day operations of the company and acquired motels and hotels.[4]

Over the following decade, Donald's handling of the day-to-day operations and Jay's leadership and deal-making abilities helped drive acquisitions and financial strategy, making Hyatt the fastest-growing hotel chain in the United States. After Donald's death in 1972, Jay remained at the helm, helping to shape Hyatt into a major competitor in the hospitality industry.[5]

In 1969, Hyatt opened its first overseas hotel, the Hyatt Regency Hong Kong (which closed at the end of 2005 and was demolished; a new facility replacing the old opened in 2009.[6] In 1980, the Grand Hyatt and Park Hyatt brands were introduced. Hyatt has become known for its resorts after the opening of Hyatt Regency Maui[7] in 1980. Today Hyatt has over 490 hotels worldwide.[8]

In 1972, Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Lake Tahoe. After Hyatt became a private company in 1979, Elsinore was spun off into a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.[9][10]

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 Corporation. This created a hospitality company with a single balance sheet, a single organization and a single focus. On June 30, 2009, Global Hyatt Corporation changed its name to Hyatt Hotels Corporation.[11]

In December 2004, Hyatt Hotels Corporation announced it would acquire 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 converted to a new concept called Hyatt Place. With Hyatt Place, Hyatt Hotels Corporation was better able to compete with the limited service products Courtyard by Marriott and Hilton Garden Inn offered by industry leaders Marriott International and Hilton Worldwide, respectively.

In December 2005, Hyatt Hotels Corporation announced a second limited service acquisition, Summerfield Suites. Again the seller was 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 and positioned to compete in the upscale extended stay market against brands such as Residence Inn, Homewood Suites and Staybridge Suites.[12]

On August 6, 2009, it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. On November 4, 2009, Hyatt completed an initial public offering and began trading publicly on the New York Stock Exchange under the symbol H.[13] According to the filing, Mark S. Hoplamazian will serve as CEO and Thomas Pritzker will serve as Executive Chairman.[14] The public offering is a result of the breakup of the Pritzker family empire. Accused of looting family trusts, Thomas and cousins Penny and Nicholas were forced to wrest control of the family businesses when she and other family members were sued by cousin Liesel Pritzker claiming fraud and seeking damages in excess of $6 billion.[15]

On August 31, 2009, three Hyatt hotels in Boston laid off their entire housekeeping staffs, outsourcing the work to a Georgia-based company creating strong public backlash.[16] Massachusetts Governor Deval Patrick threatened a boycott of the hotels by state employees traveling on official business.[17][18] The housekeepers, who were fired without previous notice although some of them had worked for the Hyatt for over 20 years, became collectively known as the Hyatt 100. Hyatt offered a Job Assurance Program, which arranged for a new job with another employer for any employee who wanted one or job retraining at their previous Hyatt rate of pay, as well as extended healthcare benefits.[19] In December 2009, Hyatt was named the "Massachusetts Scrooge of the Year" by Jobs with Justice.

As of March 31, 2013, Hyatt Corporation's worldwide portfolio consisted of 508 properties.[8] 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.[20]

Hyatt Hotels Corporation operations several chains, and the company and its people have been recognized from publications including Travel + Leisure, Conde Nast Traveler, Latina Style and DiversityInc Magazine. The Human Rights Campaign has awarded the company 100% in the HRC Equality Index for eight consecutive years.[21] The Hyatt Regency brand is the oldest brand in the company, with the Grand Hyatt and Park Hyatt brands being introduced in 1980. Of these properties, some are styled as "resort" properties, and may feature spas or other recreational facilities. Other brands include Hyatt Place, designed as a limited service offering targeted to the business traveler. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and was renamed Hyatt House in January 2012. Hyatt also launched a new brand, Andaz, in April 2007.[22] The first hotel to bear this brand was The Great Eastern Hotel in London, with additional properties now open in San Diego, West Hollywood, Shanghai[23] and New York City (Andaz Wall Street & Andaz 5th Avenue).

Brands[edit]

Full-service lodging[edit]

Hyatt owns several resorts which are vacation destination properties, including beach, mountain, desert, golf and spa properties across the Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, and Hyatt brands.

Select-service lodging[edit]

Extended-stay lodging[edit]

Timeshare[edit]

Other business activities[edit]

In addition to hotels, Hyatt also operates an upscale timeshare program through Hyatt Vacation Ownership, Inc. The program is known as Hyatt Residence Club. It currently has over a dozen locations, some of which are located within or connected to Hyatt hotels.[24] Additionally, the group runs a chain of upscale retirement homes known as Vi Living by Hyatt[25] and offers retail home décor and furnishings through Hyatt at Home, an online store featuring luxury products.[26]

Notable properties[edit]

World events and Hyatt[edit]

Hyatt Gold Passport[edit]

Hyatt Gold Passport

Hyatt Gold Passport is Hyatt hotel's rewards or loyalty program. Membership is free and can be completed either online or with the assistance of a hotel representative. Points can be accumulated and used for redemption nights, upgrades or redeeming for the meal in any of the restaurants which are associated with Hyatt. It can also be converted into airline miles with partnering airlines. The program offers three membership tiers: Gold, Platinum, and Diamond.

Gallery[edit]

Notes[edit]

  1. ^ a b "Hyatt Hotels - Management Team". Hyatt Hotels Corporation. Retrieved 2010-07-02. 
  2. ^ Hyatt Hotels Corporation (H) annual SEC income statement filing. Wikinvest. Retrieved 27 May 2013.
  3. ^ http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=h
  4. ^ Tritsch, Shane (2007-06-21). "Tremors in the Empire - Chicago magazine - December 2002 - Chicago". Chicagomag.com. Retrieved 2012-10-30. 
  5. ^ "History of Hyatt Corporation – FundingUniverse". Fundinguniverse.com. Retrieved 2012-10-30. 
  6. ^ "New World Development". Nwd.com.hk. Retrieved 2012-10-30. 
  7. ^ Maui Hotels
  8. ^ a b "About Hyatt". Hyatt.com. 2012-06-30. Retrieved 2012-10-30. 
  9. ^ "Elsinore Corporation". The Gale Group, Inc. Retrieved 4 August 2009. 
  10. ^ Knightly, Arnold M. (2009-08-04). "Gaming pioneer Jeanne Hood dies". Las Vegas Review-Journal. Retrieved 4 August 2009. 
  11. ^ Hyatt Hotels Corporation 2010 annual report, Part 1, Item 1, page 3
  12. ^ "Hyatt Officially Welcomes Hyatt House to the Neighborhood". Hyattpressroom.com. Retrieved 2012-10-30. 
  13. ^ "Hyatt Hotels Corporation Prices Initial Public Offering". Hyattpressroom.com. Retrieved 2012-10-30. 
  14. ^ Nadja Brandt (August 6, 2009). "Hyatt to Raise Up to $1.15 Billion in Share Sale". BloombergLPcom. 
  15. ^ Andrews, Suzanna. "Shattered Dynasty". Vanity Fair. Retrieved 2012-10-30. 
  16. ^ "Reader to Hyatt Hotels: "Shame on you" for outsourcing housekeepers". USA Today. September 20, 2009. 
  17. ^ "Patrick ‘troubled' by Hyatt". Boston Globe. September 19, 2009. 
  18. ^ Whitford, David, "A mess: Hyatt's housekeeping scandal", Fortune, Sep 30, 2009.
  19. ^ "Boston". Hyattbostoncommunity.com. Retrieved 2012-10-30. 
  20. ^ "Hotel Sierra Joins Hyatt". Hyatt.com. 2011-09-01. Retrieved 2012-10-30. 
  21. ^ "Our Brands". Hyattpressroom.com. Retrieved 2012-10-30. 
  22. ^ Hyatt Hotels Corporation Announces Andaz(TM)
  23. ^ shanghai.andaz.hyatt.com
  24. ^ "Hyatt Residence Club". Hyatt.com. Retrieved 2012-10-30. 
  25. ^ "Assisted Living, Senior Residence, Independent Retirement Living | Vi". Viliving.com. Retrieved 2012-10-30. 
  26. ^ "Hyatt at Home". Hyatt at Home. Retrieved 2012-10-30. 
  27. ^ "The fall and rise of Lafayette Place Mall," The Boston Globe, Nov. 13, 2012
  28. ^ Park Hyatt Buenos Aires
  29. ^ San Francisco Regency – Sold
  30. ^ "Hyatt will go hi-tech for world chess title match as 20,000 are set to Watch Games On Giant Screens". The Times of India (Chennai: The Times Group). 28 May 2013. 
  31. ^ Jaquetta White, The Times-Picayune. "Hyatt Regency will reopen in October, 6 years after Hurricane Katrina". NOLA.com. Retrieved 2012-10-30. 

External links[edit]