Can you give me the History of Hyatt Hotel?

Answer 1

The Hyatt Corporation was born upon purchase of the Hyatt House, at Los Angeles International Airport on September 27, 1957. The original owners were entrepreneurs, Hyatt R. von Dehn and Jack D. Crouch. Hyatt R. von Dehn was eager to get out of the hotel business after a few years, so he sold his share in the hotel to Jay Pritzker. Mr Pritzker heard the hotel was for sale while sitting in its coffee shop, called "Fat Eddie's", waiting for a flight. He scribbled a bid for $2.2 million dollars on a napkin, and the Hyatt Corporation was born.[citation needed] (That's the equivalent of $15,770,581 in 2006). Jay Pritzker and Jack D. Crouch remained partners until 1965, opening airport hotels in several cities including San Francisco, Seattle, and San Jose. Crouch stepped away from Hyatt to pursue other hotel ventures, while Jay and his younger brother, Don continued to run Hyatt. The Hyatt became famous after the chain opened the world's first atrium hotel in 1967, the Hyatt Regency Atlanta,[1] a decade after opening its first hotel. In 1969, Hyatt opened its first hotel overseas, the Hyatt Regency Hong Kong (which closed at the end of 2005 and was demolished, the new one will open in 2009[1]). In 1980, the Grand Hyatt and Park Hyatt brands were introduced. Hyatt has become known for its resorts after the opening of Hyatt Regency Maui[2] in 1980. Today Hyatt has over 340 hotels worldwide.[3] In December 2004, Global Hyatt announced it would acquire AmeriSuites, an upscale chain of all suite business class hotels from affiliates of the Blackstone Group, a New York based private equity investment firm. Blackstone had inherited AmeriSuites from its 2004 acquisition of Prime Hospitality. The AmeriSuites chain is being rebranded and converted to a new concept called Hyatt Place. With Hyatt Place, Global Hyatt will better compete with the limited service products Courtyard by Marriott and Hilton Garden Inn offered by industry leaders Marriott International and Hilton Hotels Corp. In December 2005, Global Hyatt announced a second limited service acquisition, Summerfield Suites. Again the seller was the Blackstone Group. Blackstone had inherited Summerfield Suites from its purchase of Wyndham International. Summerfield Suites will be rebranded as Hyatt Summerfield Suites and positioned to compete in the upscale extended stay market against brands such as Residence Inn, Homewood Suites and Staybridge Suites. In June 2008, Harmit Singh was named as the new Chief Financial Officer. He is expected to be one of the main influences for huge growth in the Hyatt brand in the next 5 years.[2] The Hyatt Group operates several chains of hotel. The Hyatt Regency brand is the oldest brand in the Hyatt hotel chain, with the Grand Hyatt and Park Hyatt brands being introduced in 1980.[citation needed] Of these properties, some are styled as "Resort" properties, and may feature spas or other recreational facilities.[citation needed] Other brands include the Hyatt Place concept, designed as a limited service offering targeted to the business traveler. An extended stay chain, Summerfield Suites, was acquired by Hyatt in 2005, and features 20 locations in the United states. Hyatt also launched a new brand, Andaz, in April 2007.[4] The first hotel to bear this brand is be The Great Eastern Hotel in London, with additional properties planned for New York and Austin, TX.[5] In addition to hotels, the Hyatt Group also operates apartment properties. These properties, called the Hyatt Residency, are co-located with Grand or Park Hyatt properties.[citation needed] The group also offers retial home décor and furnishings through Hyatt at Home, an online store featuring luxury products