Hyatt Regency Cerromar Beach To Close

CHICAGO— The Hyatt Regency Cerromar Beach in Puerto Rico will close by July 15, 2003, accoriding to Hyatt Hotels Corp. The Hyatt Regency had been operating for 18 years. The “general business climate and the proliferation of newer and more modern competitors” were cited as reasons for the closure. Hyatt Hotels Corp. said it “remains committed to Puerto Rico” and will “focus its efforts on Hyatt Dorado Beach, sister resort to the Hyatt Regency Cerromar Beach.” The company noted that the Dorado West Golf Course was recently completely renovated and a new clubhouse is being built for Cerromar golf club members. The River Pool at the Cerromar Beach property will continue to function as will the propertys golf club and the Hyatt Hacienda Del Mar will also remain open, Hyatt said. Employees of the Hyatt Regency Cerromar will be reassigned to the Hyatt Dorado Beach or to other Hyatt properties outside of Puerto Rico, the company said. Hyatt said that after July 15, the feasibility of converting the Cerromar Beach hotel to a Hyatt Vacation Ownership facility will be explored. Up to $60 million of financing would need to be arranged to create the vacation ownership facility, according to Hyatt. Currently, there are 207 Hyatt Hotels and resorts around the world.