Hyatt Regency Cape Town is set to open in December 2020, marking a significant milestone in Hyatt's growth in Sub-Saharan Africa
CHICAGO (21 Oct, 2020) - Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management agreement with South African real estate company, Millat Properties, for the first Hyatt-branded hotel in Cape Town. Hyatt Regency Cape Town, a 137-room hotel, is expected to open in December 2020, bringing the total number of Hyatt-branded hotels across Africa to eight, with two in South Africa. Hyatt affiliate has entered into a management agreement with South African real estate company, Millat Properties, to open the first Hyatt hotel in Cape Town. Hyatt Regency Cape Town, a 137-room hotel, is expected to open in December 2020, bringing the total number of Hyatt hotels across Africa to eight, with two in South Africa. The new Hyatt Regency Cape Town will be rebranded from the former Hilton Cape Town City Centre.
Africa, and particularly Sub-Saharan Africa, remains a key focus for growth for Hyatt as the continent is experiencing an increasingly favorable business climate, along with consistently heightened tourism. Prior to the COVID-19 pandemic, international tourist arrivals in Sub-Saharan Africa grew around 6% per year, higher than the global average.1 Cape Town, in particular, is an attractive destination for both business and leisure travelers alike, with more than five million visitors to Cape Town's airport2 each year. The coastal city, which is the second most populated city in South Africa, is an economic hub for business and innovation as well as an attractive destination for leisure travelers with its pristine beaches and lively culture.
"We're delighted to work with Millat Properties to bring the Hyatt Regency brand to Cape Town," said Ludwig Bouldoukian, regional vice president of development for the Middle East and Africa, Hyatt. "As a premier destination, Cape Town has been a top goal for us to have a Hyatt hotel, and we believe there is meaningful potential for further growth in South Africa. Hyatt Regency Cape Town is a key element of our strategy to grow thoughtfully in markets where we know our guests are traveling."
Hyatt Regency Cape Town will bring the Hyatt Regency brand's signature seamless, personalized service and energizing experiences to business and leisure guests alike. The hotel is situated at the foot of the iconic Table Mountain, one of Cape Town's most prominent and famous tourist landmarks, bordering the historic Bo-Kaap district with its steep and narrow streets. The vibrant and colorful neighborhood is a popular area for tourists looking to experience South Africa's rich, multicultural history.
"It is a delight to team up with the Hyatt Regency brand, who is synonymous with a first-class travel experience," said Hamza Farooqui, chief executive officer of Millat Properties. "Millat will extensively refurbish the hotel - prior to reopening - using renowned international interior designers, LW Design. Knowing Hyatt and Millat share equally high standards around the guest experience, we are delighted to bring the Hyatt Regency brand to life in this iconic location."
The hotel will feature 137 rooms, including 15 suites, three food and beverage outlets, as well as leisure facilities including a fitness area and an outdoor pool. For corporate guests, the property offers 1,312 square feet (400 square meters) of meeting space as well as an executive lounge.
"The news of a Hyatt-branded property opening within the City of Cape Town is a welcome addition to the tourism sector and is a positive indicator reflecting the travel industry's road to recovery," said Mmamoloko Kubayi-Ngubane, South African Minister for Tourism. Like many others in our country, Cape Town is truly unique, offering visitors unforgettable experiences with an abundance of natural beauty and attractions to visit. Hyatt Regency Cape Town will be the perfect addition to the hospitality sector in this historic city."
The announcement of Hyatt Regency Cape Town follows a significant expansion in Hyatt's footprint in Sub-Saharan Africa, fueled by the Hyatt Regency brand. Three Hyatt Regency hotels are already open in the sub-Saharan region: Hyatt Regency Johannesburg, Hyatt Regency Dar es Salaam and Hyatt Regency Addis Ababa with two more scheduled openings for the Hyatt Regency brand over the next three years: Hyatt Regency Nairobi, Kenya and Hyatt Regency Lagos Ikeja, Nigeria.
For more information, visit www.HyattRegency.com
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 Hyatt Regency
The Hyatt Regency brand prides itself on making travel free from stress and filled with success. More than 200 conveniently located Hyatt Regency urban and resort locations in more than 30 countries around the world serve as the go-to gathering space for every occasion - from efficient personalized, high-touch business meetings to energizing family vacations. The brand offers stress-free environments for seamless gatherings and empathetic service that anticipates guests' needs. Designed for productivity and peace of mind, Hyatt Regency hotels and resorts offer a full range of services and amenities, including the space to work, engage or relax; notable culinary experiences; technology-enabled ways to collaborate; and expert meeting and event planners who can take care of every detail. For more information, please visit hyattregency.com. Follow @HyattRegency on Facebook, Twitter and Instagram, and tag photos with #HyattRegency.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 21 premier brands. As of June 30, 2020, the Company's portfolio included more than 900 hotel, all-inclusive, and wellness resort properties in 65 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Joie de Vivre®, Hyatt House®, Hyatt Place®, tommie™, UrCove, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.
About Millat PropertiesMillat Properties is part of Millat Group - a private family office which uses its own balance sheet to bring clever and entrepreneurial solutions to complex commercial problems. The Group has a strong investment portfolio which includes real estate, direct investments, and private equity holdings. It owns flagship assets in South Africa and internationally. It deploys its capital and know-how on assets and sectors it deeply understands. Its sectors of expertise include real estate, hospitality, technology, and financial services. For more information, please visit: www.millatinvest.com.
Forward-Looking StatementsForward-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, but are not limited to, the short- and longer-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence; actions that governments, businesses, and individuals take in response to the COVID-19 pandemic or any future resurgence, including limiting or banning travel; the impact of the COVID-19 pandemic, and actions taken in response to the COVID-19 pandemic or any future resurgence, on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of third-party owners, franchisees or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic or any future resurgence; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the 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; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 pandemic; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans and common stock repurchase program and quarterly dividend, including a reduction in or elimination of repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K and our Quarterly Report on Form 10-Q filed on May 7, 2020, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only 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 law. 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.
About Millat Investments:
Millat Properties is part of Millat Investments - a private family office which uses its own balance sheet to bring clever and deeply entrepreneurial solutions to complex commercial problems;
Millat Investments deploys its capital and know-how on assets and sectors it deeply understands. Its sectors of expertise include real estate, technology, hospitality and financial services;
The group is committed to supporting South Africa during the pandemic and beyond.
Released on behalf of Millat Properties.
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