November 27, 2012
Hyatt Regency McCormick Place Announces Phase Two of Expansion and Renovation.New Tower completion date on track for Spring 2013
CHICAGO (NOVEMBER 27, 2012) – Hyatt Regency McCormick Place announced today that phase two of its multi-million dollar expansion and renovation will begin in December 2012. The hotel's owner, Metropolitan Pier and Exposition Authority (MPEA), is investing nearly $110 million in the total renovation of the hotel, which will provide a new guestroom tower, renovated outlets, meetings and public space.
Phase one of Hyatt Regency McCormick Place's renovation began last December with the construction of a new 460-guest room tower, which will include 12 suites and two premium suites. The completion of the tower project is expected in mid-2013. Additionally, the hotel's coffee shop, Daily Grind, received a complete renovation and features a new "Fresh Market," concept, which offers homemade breakfast and lunch menus, using ingredients that are sourced locally. Daily Grind continues to serve a variety of coffee drinks, along with specialty snacks, both healthy and indulgent. The hotel's 4,000 square foot Prairie Room has been redesigned offering natural light, fine wood finishes and designer lighting. The newly renovated Prairie Room is available now for groups and events.
Phase two of the Hyatt Regency McCormick Place renovation begins next month with the complete renovation of its 800-guest room tower. All 800-guestrooms will receive new soft and hard goods, designed in a modern yet residential style. Along with the guest room renovation, the hotel's restaurant and lounge Shor and M/X, will undergo a seating and buffet expansion, and will receive a second private dining room.
Phase three of the property expansion and renovation is scheduled to begin early next year, and will focus on the hotel lobby, the renovation of the 25,000 square foot Hyatt Conference Center, the addition of 3 new boardrooms, and a new business center.
"Hyatt Regency McCormick Place will play an even larger role in both attracting and hosting Chicago's top meetings and conventions, offering the convention planner even more guest room availability directly connected to the nation's largest convention center", said Paul Daly, general manager, Hyatt Regency McCormick Place. "We are eagerly anticipating the completion of the second tower this spring," said Jim Reilly, MPEA Chief Executive Officer. "The addition of this on-site tower will not only enhance the McCormick Place
Experience but also goes a long way toward drawing more trade show and meeting business to the convention center." For more information and reservations visit: www.mccormickplace.hyatt.com or call: 312-567-1234.
About Hyatt Regency McCormick Place
Hyatt Regency McCormick Place, 2233 S. Martin Luther King Drive, Chicago, holds the prestigious honor of AAA Four Diamond status. AAA describes Four Diamond properties as accommodations that are "progressively more refined and stylish," and maintain a "high degree of attention to detail." Hyatt Regency McCormick Placecurrently has 800 guest rooms, 43,000 square feet of function space, and a 12,000 square foot Grand Ballroom. The hotel features Daily Grind coffee shop, three restaurants – Forno, an Italian Trattoria, Shor, a Chicago grille, and M/X, a sleek, high-energy lounge with small plate dining, a lobby bar, a full service Business Center with Wireless High Speed Internet and an indoor pool and health club facility. The hotel is situated directly next to McCormick Place Convention Center, minutes from U.S. Cellular Field, and near downtown Chicago's many attractions including Lake Michigan, the Field Museum and the Magnificent Mile. Complimentary one-way shuttle transportation is available to downtown Chicago. Hyatt Regency McCormick Place is only 10 miles from Midway Airport. For reservations or more information, call 312.567.1234 or visit www.hyatt.com. Diners will receive parking validation for the Hyatt Regency McCormick Place parking garage.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, general economic uncertainty in key global markets, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to short and medium-term group bookings; the impact of hotel renovations; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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October 1, 2012
Two Key Shows Extend Commitments to McCormick Place and ChicagoNational Restaurant Show and International Manufacturing Technology Show Extend Runs in Chicago, Bringing an Additional $1 Billion in Direct Expenditures and Thousands of Jobs; Shows Extending in City Due to New Union Agreements
Mayor Rahm Emanuel today announced the Chicago-based American Library Association (ALA) has signed an agreement confirming Chicago will host its show in 2020, 2023, and 2026.
"This is great news for our convention industry and shows that Chicago is the place for large, national organizations to come and do business," said Mayor Emanuel. "The reforms at McCormick Place and Navy Pier have attracted more than $3.25 billion in committed shows and this number continues to grow."
The ALA traditionally meets the week prior to the Fourth of July. ALA has previously met in Chicago in 2009. Three years ago ALA relocated its 2013 annual convention from New York and selected Chicago. ALA is scheduled to return again to Chicago in 2017. The ALA annual convention attracts 25,000 attendees and generates over 34,000 room nights and is expected to generate estimated direct expenditures of $50 Million.
"We are delighted to host ALA's Annual Conference in Chicago with greater frequency with our new, multi-year commitment covering 2020, 2023 and 2026. The recent legislative changes and cooperation from Chicago's labor unions have made this agreement possible," said Maureen Sullivan, President of the American Library Association. "Chicago is our hometown and such a fabulous city. We enjoy working with our partners at Choose Chicago and McCormick Place and are excited that our attendees and exhibitors will now have the opportunity to experience this city's great amenities more often."
"The Labor reforms enacted continue to generate positive results for our customers and resonate well with current and potential customers," said Don Welsh, Choose Chicago President and CEO. "ALA's decision to include Chicago in its annual convention rotation is a perfect example of a major customer returning to Chicago as a direct result of these reforms. We are pleased to see positive progress and our team will continue to aggressively pursue all potential customers, who will benefit from Chicago's impressive convention platform, vibrant city and the significant cost savings resulting from the labor reforms."
The good news about ALA comes on the heels of other great news for Chicago's tourism industry. Year to date, the city has shown a 6.8 percent increase in occupancy rate for its hotel rooms, from 62.0 percent in 2011 to 66.2 percent in 2012. The average daily rate per room is $166.09 this year, up nearly $10 per night from 2011. And, the important revenue per available room figure is up 13.1 percent, from $97.14 in 2011 to $109.89 in 2012. June was one of the most outstanding months the city has had in recent history, with hotel occupancy rates over 90 percent.
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July 5, 2012
Mayor Emanuel and Choose Chicago Announce American Library Association to Extend Run in ChicagoShow Signs on for 2020, 2023 and 2026 in Addition to Existing Plans for 2013 and 2017; Projects to Bring More than $50 Million in Estimated Direct Expenditures Per Year
CHICAGO - Mayor Emanuel, in conjunction with the leadership of Choose Chicago, McCormick Place, and Governor Quinn, announced today that two key shows will be extending their commitments to McCormick Place and the city of Chicago. The two shows are the National Restaurant Association Restaurant, Hotel-Motel Show (NRA) and the International Manufacturing Technology Show (IMTS).
“The labor union agreements at McCormick Place have created a new landscape that demonstrates that Chicago is open for business and the best destination in the world for any convention or trade show,” said Mayor Emanuel. “I am thrilled that these two shows have extended their commitment to the city and will bring tremendous economic impact and jobs to the city. I’ll continue to work to attract more and more shows to Chicago.”
“Today’s announcement by two of the world’s most prestigious exhibitions is proof that the strong partnership between the state, the city of Chicago, the MPEA and its unions will create a renewed era of prosperity and jobs for Illinois,” Governor Quinn said. “Working together, we will make McCormick Place and Illinois’ tourism industry even stronger for years to come.”
The NRA announced a five-year extension, from 2017-2021, that will bring estimated direct expenditures of more than $600 million through 2020, and support approximately 1,650 union jobs per year. ITMS has extended for two years, 2018 and 2020, which will add $346 million in estimated direct expenditures to Chicago’s economy and support more than 2,000 union jobs in each of the two years.
"AMT and the IMTS Show are proud to be extending our relationship with Chicago which dates back to 1947, said Peter Eelman, Vice President, Exhibitions and Communications, Association for Manufacturing Technology. "The dramatic and productive changes at McCormick Place have improved the exhibitor experience and the visitor experience and we are pleased to be a part of the trade show future in Chicago."
The recently concluded 2012 IMTS show covered 1.248 million net square feet of exhibit space with 1,909 exhibiting companies. Total registration for the six-day event was 100,200, which is a 21.6% increase over 2010, marking the largest show-to-show increase ever for IMTS.
"We're delighted to continue to call Chicago home — adding to the 63 consecutive years that our landmark National Restaurant Association Restaurant, Hotel-Motel Show has been held here. The labor reforms enacted have made this agreement possible," said Dawn Sweeney, National Restaurant Association President and CEO. "Chicago is a world-class city. We enjoy working with our partners at McCormick Place and Choose Chicago and are excited that our exhibitors and attendees will have the opportunity to experience this city's great ambiance and hospitality for an additional five years — through the year 2021."
Two crucial union deals have been agreed to at McCormick Place since Mayor Emanuel took office. Since these deals have been signed, more than $4 billion worth of renewed, new, or extended shows have been signed.
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June 20, 2012
Mayor Emanuel Announces Critical Union Agreement at McCormick Place and Navy PierDeal Between IATSE and IBEW Will Make Chicago a More Competitive Destination
Mayor Rahm Emanuel today announced a new union agreement that will make Chicago a much more attractive destination for trade shows and conventions, as part of an ongoing effort by the Mayor to address issues surrounding work rules at McCormick Place and Navy Pier.
"This is exactly the sort of common sense, practical labor agreement that we are seeking throughout the city," said Mayor Emanuel. "This agreement will create jobs and make Chicago more competitive for trade shows; it will help union employees get work and will increase the number of trade shows and conventions we attract. This is a win-win for everyone involved and I commend the unions, as well as the leadership of McCormick Place and Navy Pier, for working with me to get this done."
The historic agreement is between McCormick Place, Navy Pier, MPEA, the International Brotherhood of Electrical Workers, Local 134, and International Alliance of Theatrical Stage Employees, Local 2. This agreement allows IATSE stagehands to complete a type of work previously completed by IBEW electricians. IATSE members will now be allowed to install, operate, and remove the audio/visual, sound, and lighting equipment in certain areas used for presentations and performances, and to plug in the equipment to permanent outlets or temporary electrical services provided by electricians. This would also include lighting and sound equipment which is suspended from the ceilings of the facilities.
"Today's announcement further solidifies McCormick Place's competitive standing in the industry and goes a long way to strengthen Chicago's ability to attract corporate and association business," said Jim Reilly, CEO of the Metropolitan Pier and Exposition Authority. "Listening to our customers' needs was the catalyst for the labor changes unveiled today. We are very grateful to Governor Pat Quinn and Mayor Rahm Emanuel and our labor partners–IBEW and IATSE who came together with us to put these changes into effect for our customers."
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March 28, 2012
The Car Wash Show is Coming to Chicago in 2014As a Direct Result of McCormick Place Reforms Negotiated by Mayor Emanuel, Show Will Leave Las Vegas and Come to Chicago CHICAGO – Mayor Emanuel announced today that The Car Wash Show, one of the largest annual conventions in the nation, is coming to Chicago in 2014.
The planned new structure will rise atop the McCormick Place's parking deck. The scope of the project includes a new 461-room guest tower, plus renovation of the existing 800- room Hyatt hotel and the adjacent Conference Center. The $87 million project is expected to be completed in the second half of 2013.
"I am pleased that The Car Wash Show is coming to Chicago, and that it's more than 6,000 attendees will have a chance to experience all the great things our City has to offer," said Mayor Emanuel. "Attracting shows like this is a central focus of our comprehensive business and tourism strategy; they create jobs for our residents and foster economic opportunity throughout the city. We will continue to seek more exciting shows that will bring thousands of visitors to Chicago."
The Car Wash Show is the world's largest car wash convention and trade show, and one of North America's top 200 largest exhibitions. Approximately 6,000 attendees from more than 30 countries attend the annual event, which features 125,000 square feet of exhibits and 20 hours of business seminars.
"We're thrilled to be able to bring The Car Wash Show to Chicago in 2014," remarked International Carwash Association CEO Eric Wulf. "Chicago is a world-class convention city that will be easily accessible for our attendees and exhibitors. We're also particularly encouraged by the new convention business environment in Chicago and are excited to be able to offer a very competitive offering for our exhibitors."
Mayor Emanuel worked with representatives from McCormick Place, labor unions, and elected officials throughout the state to resolve a contentious labor dispute at McCormick Place. The resolution of that matter has led a number of trade shows and conventions to extend or reaffirm their commitments to the City of Chicago, while attracting new shows at the same time, for a total economic impact of more than $2.7 billion. Additionally, a group of hoteliers announced more than $500 million in critical upgrades which will take place as a result of this resolution.
"The Car Wash Show represents the ideal sized group to complement Chicago's mid-sized and citywide business," said Don Welsh, President and CEO, Chicago Convention & Tourism Bureau. "We look forward to welcoming all attendees to what is now the most customer friendly convention and tradeshow destination in the country as a result of labor reform."
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March 21, 2012
American Express OPEN and Chicago's McCormick Place/SMG to Open All – New Premium Lounge at the Nation's Largest Convention CenterCHICAGO – American Express OPEN and Chicago's McCormick Place/SMG are proud to unveil a new amenity for those attending events at McCormick Place. A premium, state of the art American Express OPEN® Business Lounge is projected to open in summer 2012 on level 2.5 of the Grand Concourse in the South Building.
The American Express OPEN Business Lounge is created for American Express OPEN® Cardmembers and new applicants as a productive oasis for visitors to learn, recharge, and connect. The OPEN Business Lounge allows guests an opportunity to take a break from their busy schedule, offering free WiFi, refreshments, computer and printer access, and seating for productive meetings or pure relaxation.
"This new American Express OPEN Business Lounge will be an exciting enhancement to the McCormick Place experience," said David Causton, General Manager of McCormick Place/SMG. This is part of our ongoing strategy to incorporate amenities that provide added value to our customers. We look forward to working closely with American Express to have this state of the art lounge in place soon."
For a number of years, American Express OPEN has worked directly with McCormick Place events to offer temporary lounges to exhibitors and attendees on the show floors of McCormick Place. Recently, American Express OPEN implemented a pilot program that included a temporary lounge in the public areas of McCormick Place. Both of these offerings have been very well received by convention and trade show customers.
"The American Express OPEN Business Lounge helps to fulfill the OPEN mission: Helping businesses do more business," said Nancy Hood, Vice President Sales and Experiential Marketing, OPEN. "The lounge will give our Cardmembers special access to benefits that can help enhance their tradeshow experience by providing the amenities and services they have come to expect from American Express."
The OPEN Business Lounge will be conveniently located in the retail area of the Grand Concourse and will be open in conjunction with events taking place in the South and North Buildings. Please visit www.mccormickplace.com for additional information.
American Express OPEN
American Express OPEN is the leading payment card issuer for small businesses in the United States and supports business owners with products and services to help them run and grow their businesses. This includes business charge and credit cards that deliver purchasing power, flexibility, rewards, savings on business services from an expanded lineup of partners and online tools and services designed to help improve profitability. Learn more at www.OPEN.com and connect with us at openforum.com and twitter.com/openforum.
Chicago's McCormick Place
McCormick Place, the largest exhibition and meeting facility in North America, is comprised of four state-of-the-art buildings, the North, South and West Buildings, the Lakeside Center, and the Hyatt Regency McCormick Place hotel. Combined, McCormick Place offers 2.6 million square feet of exhibit space, 173 meeting rooms, the 4,249-seat Arie Crown Theater and one of the largest ballrooms in the world. Located on Chicago's lakefront just minutes from downtown, McCormick Place is owned by the Metropolitan Pier and Exposition Authority and managed by SMG, a worldwide convention facility management company. For more information, please visit mccormickplace.com or on facebook.com/mccormickplace and twitter.com/mccormick_place.
Since 1977, SMG has provided management services to more than 220 public assembly facilities including arenas, stadiums, theatres and performing arts centers, equestrian facilities and convention, congress and exhibition centers. With facilities across the globe, SMG manages more than 11 million square feet (1.1 million square meters) of exhibition space. As the recognized global industry leader, SMG provides construction and design consulting, pre-opening services, venue management, sales, marketing, event booking, and programming. SMG also offers food and beverage operations through an in house catering company, Savor, currently servicing more than 100 accounts worldwide. For more information visit www.smgworld.com.
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