Hyatt and White Lodging Announce Joint Venture and Franchise Agreement for Hyatt Place Austin Downtown

Hyatt Hotels Corporation announces that a Hyatt affiliate formed a joint venture with White Lodging Services Corporation to construct and own a Hyatt Place hotel in Austin, Texas. A Hyatt affiliate and a White Lodging affiliate will each own 50% of the joint venture and White Lodging will operate the property under a franchise agreement with a Hyatt affiliate.

“This is a great opportunity to expand our relationship with White Lodging.”

“We are thrilled to be working with White Lodging on this property,” said Chris Ivy, senior vice president, real estate and development for Hyatt Hotels & Resorts. “This is a great opportunity to expand our relationship with White Lodging.” The number of Hyatt Place locations continues to grow, with more than 160 hotels open in the U.S. and more than 30 under development throughout the U.S., India, the Netherlands, Panama and Costa Rica.

Construction of Hyatt Place Austin Downtown is expected to start in third quarter 2011 and the hotel is anticipated to open in 2013. The stand-alone 14-story building will have 296 hotel rooms and will be located within steps of the Austin Convention center.

There are currently five Hyatt hotels in the Austin area, including Hyatt Regency Austin, Hyatt Regency Lost Pines, Hyatt Place Austin – North Central, Hyatt Place Austin/Arboretum and Hyatt Summerfield Suites Austin/Arboretum, which is operated by White Lodging, as are Hyatt Summerfield Suites Houston/Galleria, and Hyatt Summerfield Suites Colorado Springs. “We are committed to doubling our current managed revenue to $1.5 billion by 2015 and anticipate this expanded relationship with Hyatt to be a major factor in reaching our goal,” said Deno Yiankes, president & CEO, investments and development for White Lodging.

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