Baha Mar Ltd. Signs Letter of Intent with Hyatt Hotels Corporation to Operate and Manage Baha Mar Resort Convention Hotel and Serve as Timeshare Partner Announcement Part of New Strategy to Bring Best-In-Class Brands to Property Across Varied High-End Hotel Segments Planned
NASSAU, Bahamas, Oct. 18 /PRNewswire/ -- Baha Mar Ltd. announced today that it has signed a Letter of Intent with Hyatt Hotels Corporation to operate and manage the planned 700-room Grand Hyatt to be included as part the destination resort metropolis, Baha Mar Resort. Baha Mar Ltd. also selected Hyatt as its timeshare partner in the project, which will initially include 50 units as part of the first phase, with plans for expansion in subsequent phases.
Baha Mar previously announced a plan to shift its strategy away from aligning with a single family of hotels, towards one that allows it to work with multiple, best-in-class brands giving Baha Mar an opportunity to feature the very best brands for each of the different high-end hotel segments planned for the property. The strategy also affords Baha Mar the ability to reach a broader set of customers based on the sales and marketing and loyalty programs of each brand.
"We are truly excited to have Hyatt Hotels Corporation manage and operate Baha Mar's convention hotel, and serve as our timeshare partner. The Hyatt team immediately saw the vision of our project and the opportunity of raising its flag in The Bahamas," said Don Robinson, President, Baha Mar. "Hyatt Hotels Corporation has been great throughout this process and we welcome them to be part of this one-in-the-world destination resort."
"Signing this letter and our interest in this project supports our company's overall objective of strategically expanding our presence in key destinations around the globe where we see growth potential and where our guests want to travel and meet," said Pat McCudden, senior vice president, real estate and development – Latin America and the Caribbean, Hyatt Hotels & Resorts. "We believe our guests will greatly benefit from the addition of a Hyatt hotel in the Bahamas."
Baha Mar recently announced that it will be partnering with Rosewood Hotels & Resorts to manage and operate the property's 200-room luxury hotel, and Morgans Hotel Group to manage and operate the 300-room lifestyle hotel. It is anticipated that Baha Mar will make The Bahamas one of the premier tourist locations in the world, drawing millions of vacationers and business travelers each year to the resort's six hotels. With almost 3,500 rooms and condos, the largest casino in the Caribbean, the largest convention center in The Bahamas, a world-class golf course, retail village and much more, Baha Mar Resort represents the Caribbean's largest single-phase destination resort. Baha Mar will employ approximately 4,000 Bahamians over the life of the construction period, which is expected to last nearly four years. Once the resort is complete, approximately 98 percent of the staff will be Bahamian nationals, representing some 7,000 jobs for Bahamians.
For additional information please visit www.BahaMar.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 in 45 countries 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® and Hyatt Summerfield Suites® brand names and have locations under development on five continents. Hyatt Vacation Ownership, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of June 30, 2010, the Company's worldwide portfolio consisted of 445 properties. For more information, please visit www.hyatt.com.
SOURCE Hyatt Hotels Corporation