Hyatt to manage the City of Dreams hotel in Manila

Hyatt Hotels Corp signed an agreement to manage Melco Crown (Philippines) Resorts Corp's City of Dreams hotel in Manila's newest gaming hub.

The two groups did not disclose any financial details of the agreement.

The twin-tower hotel to be branded Hyatt City of Dreams Manila forms part of the $1.3 billion integrated casino resort that Melco Crown Entertainment will open this year in Entertainment City, Manila's version of Las Vegas gaming strip. Hyatt City of Dreams will have 365 rooms and provide access to three entertainment venues in the casino complex.

Last year Melco Chief Executive Lawrence Ho said his group was planning to build three hotels in City of Dreams Manila, including a 260-room premium hotel under the Crown Towers chain owned by Ho's partner in Melco, Australian billionaire James Packer.

In January, Melco announced luxury boutique hotel chain Nobu will set up its first Asia hotel in City of Dreams Manila featuring the largest nightclub in the city and a Hollywood-style theme park.

City of Dreams Manila will compete with the $1.2 billion Solaire Resort & Casino of Bloomberry Resorts Corp, owned by the Philippines' fourth-richest person, Enrique Razon.