CHICAGO— Global Hyatt Corp. reportedly is launching a new upscale urban brand to be called Andaz. The first cities to be targeted for development include New York, Los Angeles, and London. Hyatt spokespeople declined to comment, but published reports indicate the new full-service brand would be positioned below Park Hyatt, but above Grand Hyatt and Hyatt Regency. The first Andaz would be a conversion of an existing hotel in London. The brand would include new construction as well. In New York, Global Hyatt acquired an office building on Fifth Ave. in midtown last year from Belfonti Capital Partners, LLC, for a reported $136 million. At the time, Hyatt said it planned to convert it to a yet-unnamed-brand. The building is currently being expanded and could be a New York Andaz.
