Hyatt Regency Toronto Airport to Debut in 2010
...wondered what was happening with the old Constellation Hotel (now closed)...
Hyatt Regency Toronto Airport to Debut in 2010
Fri Dec 7, 2007
TORONTO--(Business Wire)--Affiliates of Global Hyatt Corporation have signed an agreement to
manage Hyatt Regency Toronto Airport being developed by New York-based
Merchant Equity Group. Scheduled to open in the summer of 2010, the
12-story hotel will be part of a 15-acre, mixed-use complex with
500-rooms and overlooking the fairways of the championship Royal
Woodbine Golf Course. Award-winning, Toronto-based Zeidler Partnership
Architects, whose work includes Toronto's National Trade Center and
Eaton Centre, will design the hotel.
Hyatt Regency Toronto Airport will be an environmentally
sustainable project, designed to LEED silver standards. It will be
energy efficient using state-of-the-art occupancy sensors to
automatically turn off lights and guestroom televisions, and will
feature green roofs and recycled building materials.
The $300 million hotel complex will include office, retail space
and convention facilities. The Hyatt Regency will replace the Regal
Constellation Hotel, which closed over four years ago. Construction of
the new property will start in 2008.
"We are thrilled to enhance Hyatt's visibility in Toronto, and
this new property will complement our luxury Park Hyatt Toronto
downtown," said Chuck Floyd, Chief Operating Officer North America,
Global Hyatt Corporation. "The new eco-friendly hotel will be a
distinctive addition to the Toronto airport area, creating jobs and
boosting the local economy. We look forward to welcoming additional
visitors from around the world to Toronto."
"Construction of the Hyatt Regency Toronto Airport hotel will
create as many as 500 construction jobs and approximately 500
permanent jobs when it opens in 2010," said Jeff Gwin, Managing
Partner of Merchant Equity Group. "The new hotel will revitalize the
airport strip, generating millions of dollars in property taxes for
the City of Toronto."
Hyatt Regency Toronto Airport will complement Toronto's Pearson
International Airport which has undergone a $4.4 billion redevelopment
as the fourth largest international airport in North America.
About Global Hyatt Corporation
Global Hyatt Corporation, one of the world's premier hotel
companies, offers today's travelers over 735 hotels and resorts (over
136,000 rooms) in more than 55 countries. The company's affiliates
own, operate, manage and franchise Hyatt branded hotels and resorts
under the Park Hyatt(TM), Grand Hyatt(TM), Hyatt Regency(TM), Hyatt
Resorts(TM), Hyatt(TM), Hyatt Place(TM) and Hyatt Summerfield
Suites(TM) brands. In April 2007, Hyatt launched its newest global
brand, Andaz(TM). Global Hyatt Corporation is also the owner of Hyatt
Vacation Ownership, Inc. operator of the Hyatt Vacation Club and
fractional residential properties and U.S. Franchise Systems, Inc,
which franchises Hawthorn Suites and Microtel Inns and Suites. From
the U.S. and Canada, reservations for any Hyatt hotel worldwide may be
obtained by calling 1-800-233-1234 or logging onto
www.hyatt.com.
About Merchant Equity Group
The Merchant Equity Group is a private equity investment and asset
management company with interests in a diverse portfolio of commercial
real estate, including major urban office buildings, shopping centres
and undeveloped land.