Hyatt Completes $390 Million Acquisition of Park Hyatt New York
August 7, 2014 - Hyatt Hyatt Hotels Corporation (NYSE:H) announced that a wholly owned Hyatt subsidiary acquired 100 percent of the 210-room Park Hyatt New York for approximately $390 million, inclusive of pre-opening and related costs. Park Hyatt New York is expected to open later this month.
“With its prominent location in one of the world's most important markets and its elegant aesthetic, Park Hyatt New York will have a meaningful impact on the visibility and reputation of the Park Hyatt brand,” said Steve Haggerty, Global Head of Capital Strategy, Franchising and Select Service, Hyatt Hotels Corporation. “Park Hyatt New York is an excellent example of Hyatt using the strength of its balance sheet to enter markets like New York that have high barriers to entry, and acquiring whole ownership of the hotel gives us the flexibility to recycle the asset at the appropriate time.”
The opening of Park Hyatt New York will mark an important milestone for the Park Hyatt brand as it continues to expand in the world's most important gateway cities and resort destinations. Located within the 90-story glass tower that also houses One57, one of New York City's most luxurious condominium residences, the flagship location was designed by Pritzker Prize-winning architect Christian de Portzamparc and developed by Extell Development Company.
With interiors designed by award-winning interior design team Yabu Pushelberg, Park Hyatt New York offers unprecedented luxury in the heart of Midtown. Situated between 6th and 7th Avenues on West 57th Street in Manhattan, the hotel will benefit from its prime location within walking distance from Central Park, as well as its position across from the historic Carnegie Hall.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
