Hyatt Enters Agreement With Sun Hung Kai Properties Limited for 665-Room Hyatt Centric Victoria Harbour Hong Kong

USA, Chicago, Illinois. June 26, 2019

Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into an agreement with an affiliate of Sun Hung Kai Properties Limited to rebrand the 665-room Hotel VIC on the Harbour to Hyatt Centric Victoria Harbour Hong Kong by the third quarter of 2019. This will be the first Hyatt Centric hotel in the Greater China region, joining the brand's inaugural property in Asia, Hyatt Centric Ginza Tokyo which opened in 2018.

Tailored for socially connected guests seeking shareable moments, the hotel's social areas and food and beverage concepts were designed by Hong Kong-based architect and interior designer, Andre Fu while the 665 harbor-view guestrooms feature designs from Hirsch Bedner Associates. Spread across two towers, the property features an all-day dining concept, specialty restaurant and bar, bakery, gym, and an outdoor swimming pool on the top floor. Connected to the Harbour North shopping complex which offers many boutique restaurants, shops and an entertainment center, the hotel is part of a large-scale waterfront integrated development consisting of a hotel, retail shops, serviced apartments, luxury apartments and a waterfront promenade. The development is expected to be completed by the fourth quarter of 2019.

"We are delighted to grow our relationship with our anchor owner Sun Hung Kai Properties with this exciting project in Hong Kong after our successful collaborations with Park Hyatt Hangzhou and Hyatt Centric Minhang, Shanghai," said Stephen Ho, president of Greater China, global operations, Hyatt. "We look forward to introducing the Hyatt Centric brand to Hong Kong and providing more distinctive experiences to our guests. With the hotel's convenient waterfront location and proximity to cultural and leisure hotspots, Hyatt Centric Victoria Harbour Hong Kong will be an ideal base for savvy, in-the-now guests to explore all that this dynamic gateway city has to offer."

"We decided to work with Hyatt after careful consideration and are excited to debut the first Hyatt Centric hotel in Greater China. The Hyatt Centric brand's young and dynamic profile will fit perfectly with the vibrant neighborhood. The hotel benefits readily from the landmark integrated development with the premium residential towers of Victoria Harbour and the retail complex of Harbour North, which, together with the hotel's retail space has a total area of over 200,000 sq ft. Guests will also enjoy the new magnificent waterfront garden promenade and the lifestyle offerings within the hotel's quintessential Hong Kong neighborhood," said Tasos Kousloglou, chief executive officer of the Hotel Division of Sun Hung Kai Properties. "By joining hands with Hyatt, we will be able to leverage its world-class knowledge, excellence in food and beverage, wealth of hospitality experience, and global marketing and sales network to make Hyatt Centric Victoria Harbour Hong Kong the preferred choice for socially-connected travelers and locals. We will also reach a broader audience of savvy travelers worldwide and elevate guest experience."

Following the brand ethos to connect guests to the heart of the action so they never miss a moment of adventure, the hotel is located in the dynamic North Point district on the eastern side of the Hong Kong Island. Enjoying a prime waterfront location with panoramic views of the Victoria Harbour, the hotel is also within walking distance from the North Point MTR Station and the North Point Ferry Pier which both provide a convenient cross-harbor commute. The newly opened Central-Wanchai Bypass reduces the travel time to the city's center to less than 10 minutes, giving guests easy access to Hong Kong's financial district. The hotel is also near the Causeway Bay and Quarry Bay precincts known for their vibrant culinary, entertainment and art scenes. A passionately engaged team will be on hand to provide local, expert recommendations across the city.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.