Overview and Description
Hyatt Hotels Corporation is considered to be at the top of the list as a world’s peakoperator of extravagant hotel and resort and a key player in the global hospitalityindustry. Hyatt Regency is known as the core brand; however, the company manages,owns, franchises, and develops: residential, resort, and vacation properties around theglobe which are all Hyatt-branded under the brands: Grand Hyatt, Park Hyatt, Hyatt,Hyatt Regency, Hyatt Resorts, Hyatt Place, Hyatt Summerfield Suites, and Andaz(DATAMONITOR, 2010). The corporate headquarters is located in Chicago, Illinois withapproximately 45,000 employed individuals as a whole company.
In 1957, the hotel began as aHyatt House motel in Los Angeles where the founder, Jay Pritzker, bought it. As time passed, Mr. Pritzker and Donald Pritzker, his brother,combined ideas and interests of other family members, which later led to theestablishment of the North American management and hotel ownership in 1962 (Farley,2010). Based on many family differences about six years later, Hyatt International wasshaped and later became a separate company. According to Farley, “Hyatt Corporationand Hyatt International Corporation were taken private by the Pritzker family businessinterests in 1979 and 1982, respectively” (2010). They all tried to uphold the originalideas for the business, but everyone had their own view of what would happen next. ThenDecember 31, 2004, the Pritzker family consolidated all of their hospitality assets,including Hyatt International Corporation and Hyatt Corporation, to become a single entityknown today as Hyatt Hotels Corporation (Farley, 2010). The company has expanded andgrown tremendously over the years, but the best is yet to come with all the renovationsthat are scheduled to take place.
12/11/2010Corporation Management Overview – Hyatt HotelsPage 2