CHICAGO (May 13, 2014) – Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has entered into a management agreement with Tavros Investment Holding for a Hyatt Regency hotel in Almaty, Kazakhstan. Expected to open in 2017, Hyatt Regency Almaty will mark Hyatt’s return to Kazakhstan.
“We are delighted to re-establish a Hyatt brand presence in Kazakhstan,” said Peter Norman, senior vice president, acquisitions and development for Hyatt – Europe, Africa, and Middle East. “The development of this hotel represents a significant step for Hyatt as the company continues to expand its brand footprint in Central Asia.”
Hyatt Regency Almaty will be located in the heart of the city center between Satpaev Avenue and Esentai River, offering easy access to the business district, Almaty International Airport and the Kazakhstan Stock Exchange. The 270-room hotel will sit on a 62,800 square feet (6,800 square meters) site and will include 41 suites, three restaurants and bars, a spa, and a fitness center. The hotel will also offer more than 16,000 square feet (1,500 square meters) of meeting facilities, including a 6,450 square foot (600 square meter) ballroom.
“Given the strength and appeal of the Hyatt Regency brand, as well as the city’s location in one of the key financial centers in Central Asia, we believe the new hotel will connect both business and leisure travelers from across the region. Almaty’s growing economy provides an opportunity to introduce a globally recognized brand that will resonate with the burgeoning base of business and leisure travelers,” said President and Chief Executive Officer Tayfun Doskaya of Tavros Investment Holding.
Hyatt Regency Almaty will join more than 145 Hyatt Regency hotels currently open around the world, including locations in China, India, Latin America, Europe, the Middle East, and the United States.
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 hotels enable all guests – whether they are traveling to work, unwind or gather in celebration – to feel connected, productive and revitalized. For more information, please visit www.hyattregency.com.
Founded in 2009, Tavros Investment Holding has conducted significant operations in the real estate development and tourism industry, and has obtained an increasing rate of growth by the leadership of its founders Tarik Celalogullari, a Meskhetian Turk, and his partner Rostislav Gurevich, a Russian citizen. The company’s first investment was in Istanbul in 2009, and signed an agreement for a Hyatt Regency hotel, which will open in 2014. With a corporate objective of “developing and building major and distinctive projects,” Tavros Investment Holding has opened three hotels; Tavros Silk Road Tashkent in Uzbekistan, Tavros Denizli in Turkey and Tavros Oskemen in Kazakhstan. The company will open Tavros Samsun Hotel in Turkey in June 2014 and Tavros Kaliningrad Hotel in Russia in 2015. The company also has a mixed-use project underway in Krasnodar, Russia, which will be open in 2015. Tarik Celalogullari and Rostislav Gurevich continue to make investments in different sectors within Turkey, Kazakhstan and Russia. For more information, please visit www.tavrosholding.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®, Hyatt House®, Hyatt Zilara™ and Hyatt Ziva™ brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences® and Hyatt Residence Club®. As of March 31, 2014, the Company's worldwide portfolio consisted of 554 properties in 47 countries. 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. 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, 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 or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. 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.
# # #