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Hyatt takes over Hotel Nikko Atlanta; hotel is re-named Grand Hyatt Atlanta; Hyatt's acquisition of hotel indicative of deals to come.

CHICAGO--(BUSINESS WIRE)--Feb. 27, 1997--Chicago-based Hyatt Hotels Corp. announced today that it has taken over management of the four-star Hotel Nikko Atlanta, in the city's fashionable Buckhead area, effective immediately.

The hotel has been re-named Grand Hyatt Atlanta.

A venture comprised of affiliates of both Blackstone Real Estate Partners and Hyatt have purchased the hotel from its previous owner, The JDC Group/Prudential Joint Venture.

Grand Hyatt Atlanta is the third Hyatt property in Metro Atlanta, joining Hyatt Regency Atlanta and Hyatt Regency Suites Perimeter Northwest. Acquiring and taking over management of hotels is part of Hyatt's overall growth strategy; in fact, Hyatt's owners, the Pritzker family of Chicago, recently formed Hyatt Equities, L.L.C., a real estate acquisition company, as part of a new three-year, $1 billion plan to acquire hotels currently managed by Hyatt or by other companies. The Grand Hyatt Atlanta acquisition, as well as Hyatt's purchase announced earlier this week of the mixed-use development that includes Grand Hyatt San Francisco, is indicative of the transactions Hyatt will be pursuing. In addition, in the last several years, Hyatt has acquired, either wholly or in part, 13 hotels, including Park Hyatt Philadelphia, Hyatt Regency Houston Airport, and now Grand Hyatt Atlanta.

"We have been looking for an opportunity to re-invest in Atlanta for years, so we are pleased to have acquired such an exceptional property," said Douglas G. Geoga, president, Hyatt Hotels Corp. "Atlanta holds a very special place in Hyatt's history. Thirty years ago, Hyatt Regency Atlanta's innovative tower atrium set a new standard for the lodging industry and reshaped our company's image," he added.

When Hyatt Regency Atlanta, the world's first contemporary atrium hotel, opened in 1967, it brought Hyatt international acclaim and began the company's transformation from a regional motor hotel operator into the worldwide lodging industry leader it is today. The 21-story contemporary atrium lobby tower helped change the course of the lodging industry, as hotel architects began to create hotel lobbies with grand, wide-open spaces.

About a 15-minute drive from downtown, the 438-room Grand Hyatt Atlanta is located in the heart of the Buckhead section of the city, one of the most prestigious areas in the Southeast.

CONTACT: Hyatt Hotels Corp., Chicago

K.C. Kavanagh or Gary Ross, 312/750-8377/8091
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Publication:Business Wire
Date:Feb 27, 1997
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