White Lodging Services and Hyatt Hotels Corporation have formed a joint venture to develop a dual-branded Hyatt Place/Hyatt House in Denver. A Hyatt affiliate and White Lodging will each own 50 percent of the JV and White Lodging will operate the hotels under franchise agreements with a Hyatt affiliate.
"We are thrilled to expand upon our strategic relationship with Hyatt and looking forward to breaking ground in November," said Deno Yiankes, president and CEO of White Lodging's Investments and Developments division. "This project is yet another example of our continued focus on developing and investing in premium branded hotels in dynamic urban markets that will attract business, convention and leisure travelers alike."
The Hyatt Place hotel will have 248 rooms and the Hyatt House hotel will have 113 residentially inspired rooms. The hotels will be located in the heart of the city's business district and one block from the Colorado Convention Center and Denver's 16(th) street entertainment district.
"Denver has a diverse economy driven by multiple industries, the state capital, higher education and entertainment," said Steve Haggerty, global head of real estate and capital strategy for Hyatt. "This joint venture allows Hyatt to deepen our relationship with an experienced and well respected hotel owner, and introduce our Hyatt Place and Hyatt House brands to downtown Denver."
The project, originally announced in April, will be White Lodging's first newly built Hyatt House hotel, as well as its first dual-branded property under Hyatt brands. Upon opening, it will be White Lodging's fifth newly constructed, urban Hyatt Place.
Construction of the property is expected to start in November 2013 and is anticipated to open in summer 2015.