More Vegas, More Experiences: Hyatt Enters Long-Term Licensing Agreement with The Venetian Resort Las Vegas
Hyatt Hotels (NYSE: H) has announced a long-term licensing agreement with The Venetian Resort Las Vegas, enabling the iconic luxury property to be bookable through Hyatt channels. The agreement adds 7,000 rooms and 2.25 million square feet of meeting space to Hyatt's portfolio.
World of Hyatt members will soon be able to earn and redeem loyalty points at the resort, which includes two luxury hotels - The Venetian and The Palazzo. The property recently underwent a $1.5 billion reinvestment, featuring reimagined suites inspired by Venetian Carnival costumes. The partnership aims to expand Hyatt's presence in Las Vegas, a key market experiencing higher group business volume than pre-pandemic levels.
Hyatt Hotels (NYSE: H) ha annunciato un accordo di licenza a lungo termine con The Venetian Resort Las Vegas, che consente alla famosa struttura di lusso di essere prenotabile attraverso i canali di Hyatt. L'accordo aggiunge 7.000 camere e 2,25 milioni di piedi quadrati di spazi per eventi al portafoglio di Hyatt.
I membri del World of Hyatt potranno presto guadagnare e riscattare punti fedeltà presso il resort, che comprende due hotel di lusso: The Venetian e The Palazzo. La struttura ha recentemente subito un reinvestimento di 1,5 miliardi di dollari, presentando suite ripensate ispirate ai costumi del Carnevale di Venezia. La partnership mira ad ampliare la presenza di Hyatt a Las Vegas, un mercato chiave che sta vivendo un volume di affari per gruppi superiore ai livelli pre-pandemia.
Hyatt Hotels (NYSE: H) ha anunciado un acuerdo de licencia a largo plazo con The Venetian Resort Las Vegas, permitiendo que esta icónica propiedad de lujo sea reservable a través de los canales de Hyatt. El acuerdo agrega 7,000 habitaciones y 2.25 millones de pies cuadrados de espacio para reuniones al portafolio de Hyatt.
Los miembros de World of Hyatt pronto podrán ganar y canjear puntos de lealtad en el resort, que incluye dos hoteles de lujo: The Venetian y The Palazzo. La propiedad ha pasado por una reinversión de 1.5 mil millones de dólares, presentando suites reimaginadas inspiradas en los trajes del Carnaval de Venecia. La asociación tiene como objetivo expandir la presencia de Hyatt en Las Vegas, un mercado clave que está experimentando un volumen de negocios grupales superior a los niveles anteriores a la pandemia.
하얏트 호텔 (NYSE: H)은 베네치안 리조트 라스베가스와 장기 라이센스 계약을 체결했다고 발표했습니다. 이를 통해 이 상징적인 럭셔리 호텔은 하얏트 채널을 통해 예약할 수 있게 됩니다. 이 계약은 하얏트의 포트폴리오에 7,000개의 객실과 225만 평방피트의 회의 공간을 추가합니다.
월드 오브 하얏트 회원들은 곧 리조트에서 충성도 포인트를 적립하고 사용할 수 있으며, 이 리조트에는 두 개의 럭셔리 호텔인 베네치안과 팔라조가 포함됩니다. 이 부동산은 최근 15억 달러 규모로 재투자를 진행했으며, 베네치안 카니발 의상에서 영감을 받은 새로운 스위트를 선보이고 있습니다. 이 파트너십은 라스베가스에서 하얏트의 존재감을 확장하는 것을 목표로 하며, 이 시장은 팬데믹 이전 수준보다 더 높은 그룹 비즈니스 거래량을 경험하고 있습니다.
Hyatt Hotels (NYSE: H) a annoncé un accord de licence à long terme avec The Venetian Resort Las Vegas, permettant à cette propriété de luxe emblématique d'être réservable via les canaux Hyatt. L'accord ajoute 7 000 chambres et 2,25 millions de pieds carrés d'espace de réunion au portefeuille de Hyatt.
Les membres de World of Hyatt pourront bientôt gagner et échanger des points de fidélité au resort, qui comprend deux hôtels de luxe : The Venetian et The Palazzo. La propriété a récemment bénéficié d'un réinvestissement de 1,5 milliard de dollars, présentant des suites réimaginées inspirées des costumes du carnaval vénitien. Le partenariat vise à étendre la présence de Hyatt à Las Vegas, un marché clé qui connaît un volume d'affaires de groupe supérieur aux niveaux d'avant la pandémie.
Hyatt Hotels (NYSE: H) hat eine langfristige Lizenzvereinbarung mit The Venetian Resort Las Vegas angekündigt, die es der ikonischen Luxusimmobilie ermöglicht, über die Hyatt-Kanäle buchbar zu sein. Die Vereinbarung fügt dem Portfolio von Hyatt 7.000 Zimmer und 2,25 Millionen Quadratfuß Veranstaltungsfläche hinzu.
Mitglieder von World of Hyatt werden bald in der Lage sein, Treuepunkte im Resort zu verdienen und einzulösen, das zwei Luxushotels umfasst: The Venetian und The Palazzo. Die Immobilie hat kürzlich ein Reinvestitionsprogramm in Höhe von 1,5 Milliarden Dollar durchlaufen, das neu gestaltete Suiten umfasst, die von den Kostümen des venezianischen Karnevals inspiriert sind. Die Partnerschaft zielt darauf ab, die Präsenz von Hyatt in Las Vegas auszubauen, einem Schlüsselmarkt, der ein höheres Geschäftsvolumen für Gruppen als vor der Pandemie aufweist.
- Addition of 7,000 rooms and 2.25M sq ft of meeting space to Hyatt's portfolio
- $1.5B recent property reinvestment enhancing asset value
- Expansion into key Las Vegas market with higher group business volume than pre-pandemic
- Enhanced loyalty program offerings for World of Hyatt members
- None.
Insights
This strategic licensing agreement represents a significant expansion of Hyatt's presence in the lucrative Las Vegas market. The addition of 7,000 rooms and 2.25 million square feet of meeting space substantially increases Hyatt's footprint without the capital expenditure typically associated with property acquisitions. The Venetian's recent
The partnership strategically addresses two key market opportunities: growing post-pandemic MICE demand and loyalty program enhancement. By integrating The Venetian into World of Hyatt, Hyatt gains significant leverage in the group business sector while providing valuable redemption options for loyalty members in a premier destination. The reciprocal benefits arrangement with Venetian Rewards creates a compelling value proposition for both brands' high-value customers.
This deal significantly shifts competitive dynamics in Las Vegas's luxury hospitality segment. The partnership gives Hyatt instant access to premium Strip positioning through one of the market's most recognized properties, effectively competing with Marriott's Cosmopolitan and MGM's Bellagio. The timing is particularly advantageous, capitalizing on Las Vegas's strong post-pandemic recovery and increasing MICE business, which is now exceeding pre-pandemic levels.
The Venetian's integration into Hyatt's distribution channels should drive higher-value customer acquisition through the World of Hyatt program, while potentially reducing the property's customer acquisition costs. The proximity to the new Sphere entertainment venue adds another compelling demand driver, particularly for leisure travelers seeking unique experiences.
Iconic luxury resort on the Las Vegas Strip to join World of Hyatt, expanding Hyatt’s distribution in a key market that matters to guests and travel planners
Hyatt Enters Long-Term Licensing Agreement with The Venetian Resort Las Vegas (Photo: Business Wire)
“Las Vegas is a perennial favorite for World of Hyatt members and our group business customers are requesting rooms at a higher volume than pre-pandemic due to the world-class entertainment and unique experiences offered by this dynamic destination,” said Mark Vondrasek, Chief Commercial Officer, Hyatt. “The licensing agreement with The Venetian Resort Las Vegas adds 7,000 rooms and 2.25 million square feet of meeting space, inviting Hyatt's loyalty members and valued customers to have even more options to earn and redeem loyalty points when visiting Las Vegas.”
The Venetian Resort Las Vegas, home to two luxury hotels – The Venetian and The Palazzo – is the only all-suite resort on the Las Vegas Strip. Combining the romance of
"Our legendary resort continues to lead the way on the Strip, setting the benchmark for innovation, luxury, and unforgettable guest experiences," said Patrick Nichols, President and Chief Executive Officer of The Venetian Resort Las Vegas. "From unveiling reimagined suites and collaborating with world-renowned chefs to delivering unparalleled entertainment, we have consistently stayed at the forefront of this ever-evolving destination. As we embrace a new era for The Venetian Resort, this relationship enables us to expand our reach and connect with new audiences.”
Following a transformative
As part of this long-term licensing agreement, World of Hyatt will, in the future, offer elite Venetian Rewards members benefits within World of Hyatt. Additionally, in the near future, these two hospitality powerhouses will work together in the MICE (meetings, incentives, conferences, and exhibitions) and convention space to also complement each other’s strengths in group business.
Stay tuned for additional information on when and how The Venetian Resort will participate in World of Hyatt.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in
About The Venetian Resort Las Vegas
The Venetian Resort Las Vegas features all-suite accommodations across The Venetian and The Palazzo. The iconic resort’s experience is marked by a commitment to sophisticated play and light-hearted luxury, with world-class restaurants from celebrated chefs including Cote by Simon Kim, Bazaar Meat by José Andrés, and
A premier events and conference center, the resort is home to more than 2.25 million square feet of meeting, exposition, and convention space. The Venetian Resort's brand-new loyalty program, Venetian Rewards, offers resort-wide earning and redemption for gaming play, including slots and tables, as well as experiential spend, such as dining, entertainment, hotel reservations, and more.
The Venetian Resort Las Vegas is the only place fans can get the full experience of Sphere at The Venetian with concert and hotel packages including preferred seating. Sphere is a next-generation venue that will redefine the future of live entertainment.
The Venetian® and other trademarks are used under license. The names and brands mentioned above are trademarks and/or registered trademarks of their respective owners.
Forward-Looking Statements
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. 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, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions and political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company’s filings with the
HHC-FIN
View source version on businesswire.com: https://www.businesswire.com/news/home/20241218864029/en/
Hyatt
Kaitlyn Sheehy
kaitlyn.sheehy@hyatt.com
The Venetian Resort Las Vegas
Anna Schmid
Anna.Schmid@VenetianLasVegas.com
INVESTOR CONTACT:
Adam Rohman
Adam.rohman@hyatt.com
Source: Hyatt Hotels Corporation
FAQ
When will World of Hyatt members be able to earn points at The Venetian Resort Las Vegas?
How many rooms does the Hyatt-Venetian licensing agreement add to Hyatt's portfolio?
What recent renovations were completed at The Venetian Resort Las Vegas?
Will Venetian Rewards members receive World of Hyatt benefits?
How will the Hyatt-Venetian agreement affect MICE business?
