Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt
affiliate has entered into a management agreement with Claremont Group
LLC, a New York-based real estate development company, for a Hyatt
Regency hotel in the Kurdistan region of Iraq. Expected to open in 2017,
Hyatt Regency Sulaymaniyah will be the first Hyatt-branded hotel in Iraq.
“Bringing the Hyatt brand to Iraq is one of the most exciting projects
we have in development. Kurdistan is a stable and prosperous area of
Iraq, and as a result, the economy is growing and demand for lodging
accommodations is rising,” said Peter Norman, senior vice president,
real estate and development, for Hyatt Hotels & Resorts in Europe,
Africa and the Middle East. “There is great potential for growth in Iraq
and throughout the Middle East, and we look forward to introducing the
Hyatt brand to guests visiting the region. Hyatt Regency Sulaymaniyah
will offer a full range of services, amenities and dining options to
meet the needs of both business and leisure travelers.”
“We are delighted to work with Hyatt on the first Hyatt Regency hotel in
the country,” said Alex Lari, Claremont Group LLC. “We believe the
strength of Hyatt’s service and culture, as well as its depth of
operational expertise, will bring great value to the new hotel.”
Hyatt Regency Sulaymaniyah will offer 210 guestrooms, as well as an
all-day dining restaurant, more than 17,500 square feet (1,660 square
meters) of meeting and event space, a fitness center, a five-treatment
room spa, and three pools. Located in the city of Sulaymaniyah, 210
miles northeast of Baghdad, Hyatt Regency Sulaymaniyah will be the only
hotel in Hawary Shar Park, a 240-acre leisure and entertainment park
currently under development, which will include a shopping mall, a golf
course and zoological gardens.
For more information, please visit www.hyattdevelopment.com.
About Hyatt Regency
Hyatt Regency hotels are conveniently located in urban, suburban,
airport, convention and resort destinations around the world. Properties
range in size up to 2,000 rooms, feature intimate and large meeting
spaces, and offer a full range of services and dining options tailored
to serve the needs of conventions, business travelers or resort
vacationers. Hyatt Regency enables all guests – whether they are
traveling to work, unwind or gather in celebration – to feel productive
and revitalized. www.hyattregency.com
About Claremont Group LLC
A global leader in real estate development, The Claremont Group is a New
York based family owned firm specializing in office, residential,
hospitality, student housing, and international emerging markets in the
Middle East and Africa. The Group's development activities in Kurdistan
include The Atlantic, a new mixed-use 1,600 unit residential project in
the heart of Erbil and the DoubleTree Suites by Hilton Erbil due to open
in 2014. For more information, please visit www.theclaremontgroup.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global
hospitality company with a proud heritage of making guests feel more
than welcome. Thousands of members of the Hyatt family strive to make a
difference in the lives of the guests they encounter every day by
providing authentic hospitality. The Company's subsidiaries manage,
franchise, own and develop hotels and resorts under the Hyatt®,
Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and
Hyatt House® brand names and have
locations on six continents. Hyatt Residential Group, Inc.,
a Hyatt Hotels Corporation subsidiary, develops, operates,
markets or licenses Hyatt ResidencesTM
and Hyatt Residence ClubTM. As of
September 30, 2013, the Company's worldwide portfolio consisted of 535
properties in 47 countries. For more information, please visit www.hyatt.com.
Forward-Looking Statements
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
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you can identify forward-looking statements by the use of words such as
“may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
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“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 actual results 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; if our
third-party owners, franchisees or development partners are unable to
access the capital necessary to fund current operations or implement our
plans for growth; changes in the competitive environment in our industry
and the markets where we operate; our ability to access the capital
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 SEC. We caution you not
to place undue reliance on any forward-looking statements, which are
made 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
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