Hyatt Hotels Corporation will proudly cut a ribbon today on its 120th hotel, Hyatt Regency Philadelphia at Penn's Landing. The renowned hotel company has expanded its presence in the country's fourth-largest city with the addition of the 350-room Hyatt Regency Philadelphia at Penn's Landing on Philadelphia's revitalized waterfront.

Cutting the ceremonial ribbon will be Nicholas J. Pritzker, chairman of the board and president, Hyatt Development Corporation, Daniel J Keating III, chairman, Keating Development Company, John R. Noonan, president, Somerset Holdings and Dominic Sabatini, president, Penn's Landing Corporation. Mayor John Street is also expected to participate in the ribbon-cutting ceremony.

The new hotel, destined to be a landmark, is an important addition to the Delaware River waterfront. The hotel is owned by Penn's Landing Partners, L.P. and managed by Hyatt Hotels Corporation.

Hyatt Regency Philadelphia at Penn's Landing is on a waterfront site on the eastern edge of downtown and has immediate access to Philadelphia's exciting historic area, shopping and entertainment. The hotel is located in the boat basin at Penn's Landing, which features such attractions as the Independence Seaport Museum and the new Simon Entertainment Complex, which is scheduled to open in 2002. The base of the hotel will include an indoor/outdoor restaurant, bar and take-out cafe.

The hotel also offers excellent amenities to both business and leisure travelers.

Hyatt Regency Philadelphia at Penn's Landing has one presidential suite, two VIP suites, five conference suites and five junior suites. With approximately 24,300 square feet of divisible meeting space, the property offers ample room for a variety of meetings, as well as substantial conference space for smaller business gatherings. Two ballrooms, one with approximately 8,000 square feet and the other with 4,000 square feet, complete with abundant pre-function space, will be ideal sites for business or social functions.

For the leisure traveler, Hyatt Regency Philadelphia at Penn's Landing is convenient to such sites as the Liberty Bell, Independence Hall and the nightlife of Penn's Landing. Guests can enjoy their oversized rooms along with magnificent views of the Philadelphia skyline. In addition, the hotel's health club includes an indoor swimming pool and outdoor terrace with views of the city and waterfront.

"With Hyatt's reputation for excellence in hotel management, we are thrilled to be working with them on this exciting project," said Keating.

"The new Hyatt Regency Philadelphia at Penn's Landing will quickly become a fixture in Philadelphia's finest social and business circles," said Sabatini.

"We are very excited about continuing our success in Philadelphia with the opening of Hyatt Regency Philadelphia at Penn's Landing," said Pritzker. "We are delighted to have the opportunity to manage a hotel in this unparalleled location so important to Philadelphia's history and culture," he added.

Hyatt Regency Philadelphia at Penn's Landing is the second Hyatt hotel in Philadelphia. Park Hyatt Philadelphia, a five-star 172-room luxury property, has been known for decades by locals as "The Bellevue" and is one of the most historic hotels in the city.

With the opening of Hyatt Regency Philadelphia at Penn's Landing, there are 200 Hyatt hotels and resorts around the world. Hyatt Hotels Corporation operates 120 hotels and resorts in the U.S., Canada and the Caribbean. Hyatt International, through its subsidiaries, operates 80 hotels and resorts in 36 countries around the world. In the U.S., Hyatt Worldwide Reservations for individuals and groups can be reached at 1-800-233-1234. Outside the U.S., contact the local Hyatt sales office or representative. For more information about Hyatt hotels and resorts, consult Hyatt through the Internet at www.hyatt.com

Lori Armon
Director Of Public Relations
(312) 750-8069
Hyatt