Hyatt Releases Regency Cerromar

15th May 2003

HYATT HOTELS CORP. said May 13 that the ownership—reportedly the Dorado Beach Corp.—of the 506-room Hyatt Regency Cerromar Beach Resort in Dorado, Puerto Rico, decided to close and “divest” the property, effective July 15. In a statement,
Hyatt said “the new ownership of the property will be exploring the feasibility of converting the Cerromar Beach hotel to a Hyatt Vacation Ownership facility.”
Hyatt did not identify the new owners, but said it would take up to $60 million in financing to create the vacation ownership facility. The company cited the “general business climate and the proliferation of newer and more modern competitors” for the decision.
Speculation in the Puerto Rico press had it that labor troubles were a factor in the closure decision. Hyatt said it “remains committed” to Puerto Rico, and has “resolved to focus its efforts” on the Hyatt Dorado Beach, a sister resort to the Hyatt Regency Cerromar that`s less than a mile away. The Hyatt Hacienda del Mar, which is adjacent to the Hyatt Regency Cerromar, also will remain open, as will the Cerromar`s “river pool” and the resort`s golf club.


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