Hyatt and CR Land Announce Plans for a New Park Hyatt Hotel in Xi’an

CHICAGO / SHANGHAI (July XX, 2024) -- Hyatt Hotels Corporation (NYSE: H) and China Resources Land (CR Land, HKEX: 1109) announced that Hyatt has entered into a management agreement with CR Land for a Park Hyatt hotel in Xi'an, Shaanxi province, China. This project will be ideally located in the CCBD, one of the key mix-use commercial complexes along Xi'an's central axis. Park Hyatt Xi'an will provide worldly travelers a sophisticated home-away-from-home in the ancient capital of China.

Park Hyatt Xi'an will offer 192 rooms and suites, world-class culinary and wellness experiences, and inspiring spaces for meetings and events. The hotel will seamlessly blend modern amenities and personalized service with Xi'an's cultural heritage, creating an elevated luxury experience for guests and locals alike.

Well-situated in the city's CCBD project of the Qujiang District, Park Hyatt Xi'an will be nearly four miles away from the old city center's landmark Bell Tower. Thoughtfully designed by the renowned Thomas Heatherwick, CCBD has been designated as a key project contributing to the development of the city's technology and cultural industries. Park Hyatt Xi'an's prime location will also offer convenient access to the city's commercial hub, vibrant cultural scenes, and upscale shopping including The Xi'an Mixc, a premium lifestyle and shopping center.

"We truly treasure the long-term relationship with CR Land, an anchor owner who consistently supports our development strategy in this key market. With close collaboration with CR Land, we have developed exceptional offerings and operational excellence in key cities across China. We are grateful to join hands once again with CR Land to bring the Park Hyatt brand to the historically significant and vibrant city of Xi'an," said Stephen Ho, president of growth and operations, Asia Pacific, Hyatt. "We are confident that we will deliver another exceptional hotel and strengthen Hyatt's brand presence in Xi'an, contributing to the city's attraction as a major tourism, business, technology and transportation hub."

"We are excited to collaborate with Hyatt once again to bring the Park Hyatt brand to CCBD, a project that will enhance the future development of Xi'an," said Gang Chen, general manager, CR Land Central and Western Districts. "Together with the surrounding commercial and business centers, the hotel will be part of a premium community with trendy retail, well-known enterprises, and high-end residences. By combining CR Land's extensive experience in the real estate industry with Hyatt's renowned expertise in hotel management, we are confident that Park Hyatt Xi'an will bring an unparalleled luxury experience to travelers and become a great addition to CCBD."

Hyatt and CR Land have previously collaborated on several successful projects since the opening of Grand Hyatt Shenzhen in 2009, including Grand Hyatt Dalian, Park Hyatt Hangzhou, Grand Hyatt Hefei, Grand Hyatt Shenyang, Andaz Xiamen and Andaz Shenzhen Bay.

The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Park Hyatt

Park Hyatt hotels provide discerning, global travelers with a refined home-away-from-home. Guests of Park Hyatt hotels receive quietly confident and personalized service in an enriching environment. Located in several of the world's premier destinations, each Park Hyatt hotel is custom designed to combine sophistication with understated luxury. Park Hyatt hotels feature well-appointed guestrooms, world-renowned artwork and design, rare and immersive culinary experiences, and signature restaurants featuring award-winning chefs. There are currently 45 Park Hyatt hotels in the following locations: Abu Dhabi, Auckland, Bangkok, Beaver Creek, Beijing, Buenos Aires, Busan, Canberra, Changbaishan, Carlsbad, Chennai, Chicago, Doha, Dubai, Guangzhou, Hangzhou, Hyderabad, Istanbul, Jakarta, Jeddah, Kyoto, Maldives, Marrakech, Melbourne, Mendoza, Milan, New York, Ningbo, Niseko, Paris, Saigon, Sanya, Seoul, Shanghai, Shenzhen, Siem Reap, St. Kitts, Suzhou, Sydney, Tokyo, Toronto, Vienna, Washington, D.C., Zanzibar, and Zurich. For more information, please visit parkhyatt.com. Follow @ParkHyatt on Facebook, Twitter and Instagram, and tag photos with #LuxuryIsPersonal.

About China Resources Land Limited

Restructured in 1994, China Resources Land Limited (CR Land, stock code: 01109.HK) is a business unit responsible for urban construction and operation under China Resources Group (CR Group). In 1996, CR Land was listed in The Stock Exchange of Hong Kong Limited and included as a constituent stock of the Hang Seng Index in 2010. In 2022, it was recognized as a Model Central SOE in Corporate Governance by the State-owned Assets Supervision and Administration Commission of the State Council. After three decades of development, CR Land has expanded to 85 cities within and outside the Chinese mainland, including Hong Kong and London, and has become a leading urban investor，developer and operator. During the 14th Five-Year Plan period, CR Land adheres to its strategic position as an urban investor, developer and operator, and has established the "3+1" integrated business model that synergizes development property business, investment property and asset management business, asset light management business, and eco-system elementary business. Its businesses include residential development, apartment, shopping mall, office, hotel, commercial operation, property management, leasing apartment, urban construction services, culture and sports, urban redevelopment, urban operations, etc. The company aspires to create an ecosystem for urban investment, development and operation. Committed to the value of "integrity first, performance-driven development, people foremost and win-win collaboration", CR Land adheres to the mission of " Better quality better city ". With a focus on the overall urban development goals and master plans, the company fully leverages the core competitiveness and resource edge of "large urban landmark complex, large urban redevelopment/renovation, large urban venues, urban TOD complex and the construction and operation of the ecosystem integrating urban investment, development and operation". Based on the combination of its "3+1" integrated business model and the need of urban development and construction, CR Land provides the best urban development and operation solutions through the "coordinated regional model for urban renewal with CR Land characteristics ".

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose - to care for people so they can be their best. As of March 31, 2024, the Company's portfolio included more than 1,300 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute our strategy to expand our management and hotels services and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotels services or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

MEDIA CONTACTS:
Jean Miu
Hyatt
+86 21 6081 1234
[email protected]

Shichao Wang
China Resources Land Xi'an CCBD Project
+86 156 6484 3414
[email protected]

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