Hyatt Announces Sale of Park Hyatt Toronto to Oxford Properties
17 Dezembro 2014 - 11:51AM
Business Wire
Oxford Properties Group and Hyatt Hotels Corporation (NYSE:H)
today announced that Oxford Properties has purchased the 346-room
Park Hyatt Toronto hotel from a Hyatt affiliate for approximately
$90 million USD or $260,000 USD per key, subject to certain
adjustments. Oxford intends to spend approximately $25 million USD
in additional capital expenditures over the next five years. A
Hyatt affiliate will continue to operate the hotel under a new
hotel services agreement.
“Oxford’s acquisition of Park Hyatt Toronto is in line with our
stated strategy of owning highly visible, luxury and upper upscale
assets with prime locations in key markets with high barriers to
entry,” said Michael Kitt, Executive Vice President, Canada,
Oxford. “We look forward to working together with Hyatt on a
significant hotel renovation in line with the prestige of the brand
and location.”
”This transaction is consistent with our asset recycling
strategy and allows Hyatt to retain its luxury presence and
management in Toronto, a key global market,” said Stephen Haggerty,
global head, capital strategy, franchising and select service for
Hyatt. “We are excited to enter into a relationship with a well
respected owner that has such deep knowledge of the Canadian market
and we believe their planned renovation of the hotel will
underscore the luxury and elegance for which the Park Hyatt brand
is known.”
Park Hyatt Toronto is located on the doorstep of Yorkville, at
the landmark intersection of Avenue Road and Bloor Street across
the street from the Royal Ontario Museum and a five-minute drive
from Toronto’s financial and theatre districts. The south tower was
built in 1932, and the north tower was built in 1955 and
subsequently reconstructed in 1998 and 1999. The hotel features
17,000 square feet of meeting space, the Stillwater Spa, The Roof
Lounge, featuring small plates and an extensive spirits menu, and
the award-winning Annona restaurant.
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 Oxford Properties Group
Oxford Properties Group is a global platform for real estate
investment, development and management, with over 1,750 employees
and $27 billion of real assets that it manages for itself and on
behalf of its co-owners and investment partners. Established in
1960, the company's portfolio includes over 50 million square feet
of office, retail, industrial, multi-family and hotel properties.
Oxford is the real estate arm of the OMERS Worldwide Group of
Companies. For more information about Oxford visit:
www.oxfordproperties.com. For more information about OMERS
visit: www.omers.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 develop, own, operate, manage,
franchise, license or provide services to hotels, resorts, branded
residences and vacation ownership properties, including under
the Hyatt®, Park Hyatt®, Andaz®, Grand
Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®,
Hyatt Zilara™, Hyatt Ziva™, Hyatt
Residences® and Hyatt Residence
Club® brand names and have locations on six continents. As
of September 30, 2014, the Company's worldwide portfolio consisted
of 573 properties in 48 countries. For more information, please
visit www.hyatt.com.
Forward-Looking Statements
Certain statements and assumptions in this press release contain
or are based upon “forward-looking” information and are being made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. When we use the words “will,” may,”
“anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,”
or similar expressions, we intend to identify forward-looking
statements. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside of Oxford Properties
Group’s or Hyatt’s control, which could cause actual results to
differ materially from those expressed in or implied by the content
of this document. Forward looking statements made in this press
release are made only as of the date of their initial publication
and neither party undertakes an obligation to publicly update any
of these forward looking statements as actual events unfold.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20141217005621/en/
Hyatt Hotels CorporationAmy Patti, +1
312-780-5620amy.patti@hyatt.comorOxford Properties GroupClaire
McIntyre, +1 416-350-4734cmcintyre@oxfordproperties.com
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