Host Marriott Corporation today announced that its 500-room Swissotel in Boston will be re-flagged to a Hyatt Regency, effective June 26, 2003, building on its relationship with this world-class operator. Christopher J. Nassetta, president and chief executive officer stated, “We believe that the broader brand name recognition and resources of Hyatt, including the strength of Hyatt`s national sales organization, central reservation system and guest loyalty programs, are expected to further enhance operations and drive profitability at the hotel in the long term.”
The Four-Star, Four-Diamond hotel is located in the heart of Boston`s financial district, and is within walking distance to leisure destinations such as Boston Common, Quincy Market, Faneuil Hall, Freedom Trail, and the theater district. Currently, there are 207 Hyatt hotels and resorts around the world. Hyatt Corporation and its affiliates manage, franchise or operate 123 hotels and resorts in the U.S., Canada and the Caribbean
This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; relationships with property managers; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes. For further information regarding risks and uncertainties associated with our business, please refer to the Company`s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of April 28, 2003 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company`s expectations.