(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).
VLADIVOSTOK, RUSSIA-Chicago-based Hyatt Hotels Corp. has signed a management agreement with OJSC Nash Dom-Primorye to open two new branded hotels here. The two hotels, totaling 435 rooms, will be open in time for the Asia-Pacific Economic Cooperation Summit here in fall 2012.
The 217-room Hyatt Regency Vladivostok, Golden Horn will be located at the Korabelnaya Embankment in the city’s CBD, along Svetlanskaya Street. The 218-room Hyatt Vladivostok, Burny will be at Cape Burny on the western side of the city.
The city has just started to see more development, as it is emerging as a pivotal player in Russia’s ties with Asia Pacific countries. Prior to 1992, the city, the home to the Russian Pacific Fleet, was closed to non-Russians. The city is one of the country’s main harbors and is an important stop on the Trans-Siberian Railway.
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The developer of the property, OJSC, is a state-owned company that was appointed in 2009 to manage the construction of hotels in the city in preparation for the 2012 summit. M.A. Lomakina, general director of the company, said in a statement that the Golden Horn property will become a business center and the Burny property will become a destination for leisure and relaxation. “(The 2012) delegates will be staying in world-class hotels,” she said. Law firm Dechert LLP advised Hyatt on the management agreement.
Hyatt has two other properties in Russia, the Ararat Park Hyatt Moscow and the Hyatt Regency Ekaterinburg, with another property, the Hyatt Regency Sochi, is under development and expected to open in 2013. The Hyatt Regency Rostov - Don Plaza was supposed to open in Rostov, Russia this year, but it is not clear what has happened with this plan.
The global hotel firm has more than 25 properties under development in China, India, Latin America, the US, Saudi Arabia and Vietnam. The company’s current portfolio consists of 456 properties in 44 countries.
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