CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has sold Hyatt Regency Birmingham for approximately £38.6 million to an affiliate of Bin Otaiba Investment Group. The purchaser will also spend approximately £2.7 million in additional capital expenditures to further improve the property over the next three years. As part of the sale, a Hyatt affiliate has entered into a management agreement with the purchaser and the hotel will retain its Hyatt Regency branding.
“We are delighted to work with Bin Otaiba as we continue growing through our asset recycling strategy,” said Steve Haggerty, Hyatt’s global head of capital strategy, franchising and select service. “This transaction allows us to retain brand presence in the market and expand our relationship with an owner who is investing in the Hyatt Regency brand.”
One of the best-situated hotels in Birmingham city center, Hyatt Regency Birmingham is a modern, 4-star hotel that enjoys an unrivalled central location adjacent to Centenary Square and connects guests to who and what matters most. Offering access to the city’s landmark International Convention Centre (ICC) via bridgeway, the hotel is one of the leading convention facilities in the U.K., regularly hosting events that include the annual conferences of major political parties. It is also across from Birmingham’s Symphony Hall and 10 minutes by train to Birmingham-Shuttlesworth International Airport and the National Exhibition Centre (NEC). Additionally, the hotel is a short distance from the exclusive Mailbox and Bull Ring shopping centers. Occupying an entire 24-story, glass-front building, the hotel dominates the skyline of central Birmingham, the second largest city in the country.
The hotel’s 319 guestrooms and suites, including the exclusive Presidential Suite, all have floor-to-ceiling windows that command breathtaking views of the canal network or the city. For leisure, guests can visit the Amala Spa and Club for wellness and beauty treatments, the 16-metre indoor swimming pool and the well-equipped gymnasium. Hyatt Regency Birmingham is also home to the signature Aria Restaurant, which serves breakfast, lunch and dinner daily. Guests can enjoy a great selection of fine wines, champagnes and cocktails with friends in The Gentleman & Scholar Pub and Terrace. Traditional afternoon tea is served in the hotel daily, offering the perfect way to celebrate special occasions or round off a day's shopping.
One of the most popular business hotels in the city, Hyatt Regency Birmingham is an ideal venue for meetings and conferences, featuring 10 meeting and event rooms that are complemented by meeting packages and personalized catering services, and exceptional spaces to host the most elegant weddings.
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 Regency
The Hyatt Regency brand prides itself on connecting travelers to who and what matters most to them. More than 168 conveniently located Hyatt Regency urban and resort locations in over 30 countries around the world serve as the go-to gathering space for every occasion – from efficient business meetings to memorable family vacations. The brand offers a one-stop experience that puts everything guests need right at their fingertips. Hyatt Regency hotels and resorts offer a full range of services and amenities, including notable culinary experiences; technology-enabled ways to collaborate; the space to work, engage or relax; and expert planners who can take care of every detail. For more information, please visit www.hyattregency.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 12 premier brands and 667 properties in 54 countries, as of June 30, 2016. 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 create value for shareholders, build relationships with guests and attract the best colleagues in the industry. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including under the Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Andaz®, Hyatt Centric™, The Unbound Collection by Hyatt™, Hyatt Place®, Hyatt House®, Hyatt Ziva™, Hyatt Zilara™ and Hyatt Residence Club® brand names and have locations on six continents. 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. These statements include statements about our plans, strategies, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, our estimated comparable systemwide RevPAR growth, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, 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 actual results to differ materially from current expectations include, among others, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the 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; limited visibility with respect to future bookings; loss of key personnel; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, oil spills, nuclear incidents and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance guarantees in favor of our third party owners; the impact of hotel renovations; our ability to successfully execute our common stock repurchase program; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through Internet travel intermediaries; changes in the tastes and preferences of our customers, including the entry of new competitors in the lodging business; relationships with colleagues and labor unions and changes in labor laws; 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 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; the timing of acquisitions and dispositions; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); unforeseen terminations of our management or franchise agreements; changes in federal, state, local or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; 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 only as of the date of this press release. We do not undertake or assume any 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.