UNITE HERE asks: Is Hyatt Hotel’s development in India on track?
UNITE HERE asks: Is Hyatt Hotel’s development in India on track? Business Wire NEW YORK -- February 7, 2013 Hyatt Hotels Corporation (NYSE: H) has been promoting its international expansion, with particular emphasis on growth in India. But a UNITE HERE examination of Hyatt’s development plans in India’s largest city raises questions about the company’s development timelines and process for selecting business partners. A new report: Indian Express: Is Hyatt’s expansion on track? focuses on these issues. Among the findings: * With trees growing in the construction pit, the development of the “iconic” Park Hyatt Mumbai project appears to be stalled. * One of Hyatt’s key real estate partners, the DB Realty Group is enmeshed in India’s 2G telecom scandal. A principal of DB Realty is reportedly in jail. * Indian press indicates that Hyatt’s project in Pune is stalled. As Ratnesh Verma, Hyatt’s Senior VP of real estate and development recently noted: “Projects get delayed in India for various reasons.” Simon Cooper, president and managing director of the Asia/Pacific region for Marriott International, was even more blunt: “I think this is one of the hardest places to develop hotels.” As Hyatt continues to hype its South Asian expansion, UNITE HERE will continue to monitor what’s real and what’s a Bollywood fantasy. Contact: UNITE HERE Jeff Nelson, 617-480-2585