Hotel Series Brings Hyatt Residential Group
Top executives of the Hyatt Residential Group [HRG] recently visited the campus to speak about the growing vacation ownership industry, and the countless opportunities it brings to management students. John Burlingame, Global Head of the Residential Group, and Larry Shulman, Senior Vice President for Sales and Marketing, were accompanied by Richard Simmons, the General Manager of the Hyatt Hotel and Casino Manila.
The residential group, formerly known as Hyatt Vacation Ownership, Inc., is responsible for the development of Hyatt’s residential real estate. Clients can choose from whole or fractional ownership of property shares around the globe. A subsidiary of the Hyatt Hotels Corporation, it has nearly 30 projects, and is continuing to grow considerably. The developments apply a mixed-use concept, incorporating residential, hotel and other real estate components.
The properties the group established provide superior service with a high-class target market. Business establishments, particularly hotel and residential developments, choose to be licensed underneath a world-class brand such as Hyatt, giving it more popularity and market value.
Brand licensing is one source of revenue for HRG. They also earn from development profit, consumer financing, operating fees, rental commissions and homeowners’ association management fees among others.
One distinct characteristic of HRG is the uniqueness of their developments. In the United States for example, the constitutional laws in certain states require developers to purchase existing buildings, have it torn down, and reconstructed with a new establishment. Plenty of HRG’s projects are located in these states.
Aside from providing fine service, HRG also aims for its properties to be outstanding in its location. For instance, in 2014, Baha Mar will open in the Bahamas. It has a world-class golf course, the largest convention center in the region, and the largest casino in the Caribbean located in a mixed-used development that will rival Kerzner’s company, The Atlantis.
The architectural designs of their properties are market based, according to Larry Shulman. They ensure that the themes of their facilities are relevant to their market’s preference, and they make sure to use top of the line materials.
These developments give more openings for employment for people in the location of establishment. When asked about possible opportunities for aspiring students, Burlingame suggested that there are numerous opportunities in Asia, particularly the Southeast Asian region.