CHICAGO (March 18, 2021) – Hyatt Hotels Corporation (NYSE: H) today announced that a Hyatt affiliate has entered into franchise agreements with an affiliate of Dreamscape Companies LLC, which will lead the renovation of the Rio Las Vegas. The multi-phase project is expected to bring multiple Hyatt full-service offerings to Las Vegas, one of the most visited leisure, group, and convention markets in the world, in the renovated Rio hotel.
“We are thrilled that Dreamscape will help us bring multiple Hyatt full-service brands to Las Vegas, starting with a Hyatt Regency hotel, which we believe will deliver on the Hyatt Regency brand promise of creating meaningful connections in modern spaces designed for sharing, socializing, and collaborating,” said Kimo Bertram, Hyatt’s vice president of real estate and development. “We know Las Vegas is an important destination for our guests, World of Hyatt members, and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers.”
The more than 2,510-room Rio Las Vegas will be renovated and rebranded into multiple Hyatt full-service brand flags, and will undergo a redevelopment of the current public spaces, including gaming, retail, food and beverage, spa and fitness, and pool recreation deck. In addition, the Rio Las Vegas will undergo a renovation of one of the hotel’s existing towers, and upon completion, the tower is expected to become a 1,501-room Hyatt Regency hotel with standard guestrooms averaging 580 square feet. The remainder of the Rio’s guestrooms are expected to be branded or affiliated with one or more other Hyatt full-service brands after they are renovated. Beyond redefining the hotel experience for business travelers and leisure guests, the Hyatt Regency hotel and other Hyatt-affiliated hotels will welcome meetings and event business with more than 220,000 square feet of function space and state-of-the-art meeting facilities.
“At Dreamscape, our goal is to acquire assets that drive long-term financial and cultural value, and we are very excited to team up with Hyatt on this project,” said Eric Birnbaum, Dreamscape’s founder and CEO. “The Rio Las Vegas is the perfect space to create the ultimate multipurpose venue in Las Vegas, and we are thrilled to work with the Hyatt team to revitalize the property.”
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
Dreamscape’s mission is to generate long-term financial prosperity through a diversified portfolio of differentiated, forward-thinking real estate projects. Led by Founder and CEO Eric Birnbaum, Dreamscape’s goal is to (re)develop residential, retail, hospitality, entertainment and gaming properties into unique and dynamic environments that command attention and maximize value for its investors. For more information, please visit www.dreamscapecos.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 20 premier brands. As of December 31, 2020, the Company’s portfolio included more than 975 hotel, all-inclusive, and wellness resort properties in 69 countries across six continents. The Company’s purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company’s subsidiaries operate, manage, franchise, own, lease, develop, license, or provide services to hotels, resorts, branded residences, and vacation ownership properties, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by Hyatt™, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by Hyatt™, Hyatt House®, Hyatt Place®, tommie™, UrCove, and Hyatt Residence Club® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.