Hyatt Hotels Corporation was born upon purchase of the Hyatt House, at Los Angeles International Airport on September 27, 1957. The original owners were entrepreneurs, Hyatt von Dehn and Jack D. Crouch. Von Dehn was eager to get out of the hotel business after a few years, so he sold his share in the hotel to Jay Pritzker. Jay's younger brother Donald, under Jack Crouch's mentorship, took over day-to-day operations of the company and acquired motels and hotels, building a brand that remains among the leading names in the hospitality industry.Under Donald's leadership, Hyatt became the fastest growing hotel chain in the United States until his death in 1972.Hyatt became famous after the chain opened the world's first atrium hotel in 1967, the Hyatt Regency Atlanta, a decade after opening its first hotel.
In 1969, Donald opened Hyatt's first overseas hotel, the Hyatt Regency Hong Kong (which closed at the end of 2005 and was demolished, the new one will open in 2009). In 1980, the Grand Hyatt and Park Hyatt brands were introduced. Hyatt has become known for its resorts after the opening of Hyatt Regency Maui in 1980. Today Hyatt has over 434 hotels worldwide.In 1972, Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Lake Tahoe. After Hyatt became a private company in 1979, Elsinore was spun off into a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.
In December 2004, Hyatt Hotels Corporation announced it would acquire AmeriSuites, an upscale chain of all suite business class hotels from affiliates of the Blackstone Group, a New York based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain is being rebranded and converted to a new concept called Hyatt Place. With Hyatt Place, Hyatt Hotels Corporation will better compete with the limited service products Courtyard by Marriott and Hilton Garden Inn offered by industry leaders Marriott International and Hilton Hotels Corp.
In December 2005, Hyatt Hotels Corporation announced a second limited service acquisition, Summerfield Suites. Again the seller was the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. Summerfield Suites will be rebranded as Hyatt Summerfield Suites and positioned to compete in the upscale extended stay market against brands such as Residence Inn, Homewood Suites and Staybridge Suites.
On August 6, 2009, it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. Hyatt plans to list the shares on the New York Stock Exchange under the symbol H. According to the filing, Mark S. Hoplamazian will serve as CEO and Thomas Pritzker will serve as Executive Chairman.
In 1969, Donald opened Hyatt's first overseas hotel, the Hyatt Regency Hong Kong (which closed at the end of 2005 and was demolished, the new one will open in 2009). In 1980, the Grand Hyatt and Park Hyatt brands were introduced. Hyatt has become known for its resorts after the opening of Hyatt Regency Maui in 1980. Today Hyatt has over 434 hotels worldwide.In 1972, Hyatt formed Elsinore Corporation, a subsidiary to operate the Four Queens Hotel and Casino and the Hyatt Lake Tahoe. After Hyatt became a private company in 1979, Elsinore was spun off into a public company. The company opened the Playboy Hotel and Casino as a joint venture with Playboy Enterprises.
In December 2004, Hyatt Hotels Corporation announced it would acquire AmeriSuites, an upscale chain of all suite business class hotels from affiliates of the Blackstone Group, a New York based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain is being rebranded and converted to a new concept called Hyatt Place. With Hyatt Place, Hyatt Hotels Corporation will better compete with the limited service products Courtyard by Marriott and Hilton Garden Inn offered by industry leaders Marriott International and Hilton Hotels Corp.
In December 2005, Hyatt Hotels Corporation announced a second limited service acquisition, Summerfield Suites. Again the seller was the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. Summerfield Suites will be rebranded as Hyatt Summerfield Suites and positioned to compete in the upscale extended stay market against brands such as Residence Inn, Homewood Suites and Staybridge Suites.
On August 6, 2009, it was reported that Hyatt Hotels Corporation filed plans to raise up to $1.15 billion in an initial share sale. Hyatt plans to list the shares on the New York Stock Exchange under the symbol H. According to the filing, Mark S. Hoplamazian will serve as CEO and Thomas Pritzker will serve as Executive Chairman.
The public offering is a result of the breakup of the Pritzker family empire. Accused of looting family trusts, Thomas and cousins Penny and Nicholas were forced to wrest control of the family businesses when she and other family members were sued by cousin Liesel Pritzker claiming fraud and seeking damages in excess of $6 billion.On August 31, 2009 three Hyatt hotels in Boston laid off their entire housekeeping staffs, outsourcing the work to a Georgia company creating strong public backlash.Massachusetts Governor Deval Patrick threatened a boycott of the hotels by state employees traveling on official business.
The housekeepers, who were fired without previous notice although some of them had worked for the Hyatt for over 20 years, became collectively known as the Hyatt 100. In December, 2009, Hyatt was named the "Massachusetts Scrooge of the Year" by Jobs with Justice.
As of June 30, 2010, Hyatt Hotels Corporation's worldwide portfolio consisted of 445 properties.
Brands
Hyatt Hotels Corporation operates several chains. The Hyatt Regency brand is the oldest brand in the company, with the Grand Hyatt and Park Hyatt brands being introduced in 1980.Of these properties, some are styled as "resort" properties, and may feature spas or other recreational facilities.Other brands include the Hyatt Place, designed as a limited service offering targeted to the business traveler. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and features 34 locations in the United States. Hyatt also launched a new brand, Andaz, in April 2007.
The first hotel to bear this brand was The Great Eastern Hotel in London, with additional properties now open in San Diego, West Hollywood, and New York City (Andaz Wall Street & Andaz Fifth Avenue). Hyatt recently announced a large expansion of the Andaz brand, with properties expected to open in Austin, TX, Turks and Caicos, Amsterdam, China, and India.
In addition to hotels, Hyatt also operates an upscale timeshare program through Hyatt Vacation Ownership, Inc. The program is known as Hyatt Vacation Club. It currently has over a dozen locations, some of which are located within or connected to Hyatt hotels.
Additionally, the group runs a chain of upscale retirement homes known as Classic Residence by Hyatt and offers retail home décor and furnishings through Hyatt at Home, an online store featuring luxury products.
Brands explained:
Park Hyatt hotels are mid-sized properties located in many of the world’s premier destinations, providing discerning, affluent individual business and leisure guests with elegant and luxurious accommodations. Guests of Park Hyatt receive highly attentive personal service in an intimate and refined environment.
Andaz hotels are upscale boutique properties designed to reflect the unique cultural scene and spirit of the surrounding neighborhood, providing a vibrant yet relaxed atmosphere geared toward today’s individual business and leisure travelers. Guests of Andaz receive personal and intuitive, yet uncomplicated service.
Grand Hyatt hotels are large-scale, distinctive properties that provide sophisticated global business and leisure travelers with upscale accommodations in major gateway cities and resort destinations.
Hyatt Regency hotels are full service properties with facilities tailored to serve the needs of conventions, business travelers and resort vacationers; they are conveniently located in urban, suburban, airport, convention and resort destinations around the world.
Hyatt hotels are smaller-to-mid-sized properties located in various markets across the United States, serving individual business and leisure travelers.
Hyatt Resorts are vacation destination properties, including beach, mountain, desert, golf and spa properties across the Park Hyatt, Grand Hyatt and Hyatt Regency brands.
Hyatt Place hotels are mid-sized properties designed for families and the multi-tasking business traveler; they are located in urban, airport and suburban areas.
Hyatt Summerfield Suites are extended-stay, residential-style properties that aim to provide individual travelers with the feel of a modern condominium.
Hyatt Vacation Club properties provide members with vacation ownership opportunities in regionally inspired, residential-style properties with the quality of the Hyatt brand.
