The headquarters of Hyatt Hotel Corporation is situated in the Chicago, which is considered as the leading global company in the hospitality industry. The company is aiming to make a difference in serving their customers. The hotel has its own subsidiaries, properties including the Hyatt residence and club, Park Hyatt, Hyatt house, Hyatt place and others in the brand names in 6 continents. In the Hyatt hotel, the customer finds the luxury experience tailored to those who want to have the best service and experience (Hyatt hotels Corporation, 2018).
In the year 2016, the company has found with the portfolio consisted of 679 properties in 54 countries services so that the guests feel relaxed when coming at vacations in the hotel. The company is earning around $2 to $5 billion (USD) per year on an average. Hyatt is facing the tough competition in the market. The competitors are Marriott international, crown plaza, Hilton and Starwood hotel, and resorts. Each of the brands is offering the distinct experience to its customers and showing the genuine care towards its customers. This is the reason, which sets aside the competition and helps in fulfilling the aspiration to remain the topmost and preferred brand globally (Five star Alliance, 2018).
The company is able to manage the brands and its franchising and develop the Hyatt branded hotels, resorts and residential properties around the world. From the review of the Hyatt hotel, it can be analyzed that the hotel is serving their customer at its best and providing the quality services to make the vacation of their customer memorable. The Hyatt hotels corporations are continued to grow in the franchising model also (Munjal, Sharma and Menon, 2016).
In the hospitality industry, Hyatt hotels are considered the renowned brand. The intangible things provided to the customer have a great impact on the experience gained by the customers. The company is considered the leading brand that is the reason hotel has received many awards, recognition from Forbes, accolades, fortune and others. The hotel has been ranked 9th in fortune 500 magazines and 17th in the list of the best employers for the diversity (Forbes, 2018).
Hyatt uses a secret mantra to get the success in the market. The company uses the strategies, which makes the brand image and reputation in the market. For this company has opted for various measures. One of the major changes done by the company is giving safety to the female travelers. Another change done by the company in the market is providing the keys at the airport only to its customer so that they can save their time. Hyatt also uses the digital keys in a mobile phone, which will allow the customer to use their phone to enter the rooms without the need of check-in (Bowie et al., 2016).
The company has the expansion plans to open 60 hotels. The company has shown the growth with high room occupancy this year. The rates of the room also reached its peak and record the highest revenues this year. According to research, when there is an increase in the revenues per available room then the industry preferred to have a high measure of sales (Glassdoor, 2018)
The ownership and management in Hyatt hotels are managed and controlled by the directors and the shareholders of the company. At present, the company has Thomas J. Pritzker as the chairperson of the board of director who controls all the management work in the Hyatt (Gibbs, Gretzel and Saltzman, 2016). On the other hand, the ownership of the company has been distributed in the hands of the shareholders. From the graph, it can be seen that the institution has the total holding of 98 % in the company. The company structure allowed it to remain independent in the market. Its largest holding is with the Pritzker family. In the last three years, from the research, it has been observed that the
(Source: Nasdaq, 2018)
From the figure, it can be said that the Hyatt hotels are getting the top rating from their customer. This rating shows the performance of the company. The five-star rating established a base for the company to remain competitive in the market and give their quality services to their customer. This rating also involves the customer satisfaction that they are getting after receiving the services from the hotel. This implies that the company is giving its best services to their clients (Hyatt, 2018a).
(Source: Five Star Alliance, 2018)
The company is located in more than 54 countries with and providing premium services to its customers. The company is offering the variety of rooms and hotels according to the need and requirement of the customer. Grand Hyatt hotels are big luxury hotel located in the major cities and are found as the destinations for the holidays. Park Hyatt is famous for providing the residential properties in the luxury Hyatt properties and medium-sized hotels (Wang et al., 2016).
Other hotels like Andaz hotels are the boutique style of properties, which are specifically for high standard people of the society. Hyatt Regency is set up for the mid to large scale people of the society and providing the premium services to their customers. This hotel range is specifically maced for the travelers and leisure purpose including those customers who are gone to another country to attained the conventions or events etc. Hyatt hotel is almost similar to the full-service hotel but their core competencies are to serve the people in the small area. These types of the hotel have around 150 to 350 rooms. Hyatt hotels found near the region of business offices and are purposely for the business officials. Hyatt centric is a new concept introduced by the company in which they are providing the premium services to their customers who have the luxury lifestyle (Chicago Business Journal, 2018).
The target audience of Hyatt hotels varied from the age group that is from teenager to elderly customer, business travelers to the leisure holiday by families etc. The hotel is offering is a variety of services to its customer ranged from high luxury to the premium services. While analyzing the marketing factors that is the P’s of marketing. The prices of the hotel rooms are inexpensive in nature, which makes the customer to have premium services in the hotel. Hyatt is in planning to acquire the Starwood last year but due to this merger, the company would not able to lead towards its targeted customer in the market. From this, it can understand that the Hyatt is concerned about its target market and will shift it to other to have expansion in the business (Nasdaq, 2018).
The Hyatt hotel was started by a family who is indulging in the hospitality industry with small motels to travelers. Later on, the hotel business was started by the two brothers who got interested in the hotel and hospitality industry. The first Hyatt house was a motel in the Los Angeles international airport started in the year 1954 by Hyatt Robert. Later on, Park Hyatt was purchased by Jay Pritzker in 1954 with an amount of $2.2million. Jay and his brother Donald got the interest in establishing a hotel and for the company into a North American management and hotel Ownership Company. This becomes the public company in 1962. In the year 1968, the Hyatt international was established and become a distinct entity as a public company. In the year 2004, all the assets related to the previous hotel and Hyatt Corporation was consolidated under the same business called the Hyatt hotels corporation (Leung and Tanford, 2016). At present company is operating in more than 679 properties in 54 countries services so that the guests feel relaxed when coming on vacations in the hotel. The company is earning around $2 to $5 billion (USD) per year on an average (Forbes, 2018).
The organizational structure in the Hyatt Corporation is changing due to the introduction of the new senior management team in the organization. In the year, the whole of the department and its team has been changed. To bring the efficiency in the operations, the company has merged the department to have specialization in its work. To introduce the new functions and department in the organization company has merged various other departments. To maintain the coordination in the interdepartmental relation of the branches of the Hyatt Hotel merger of the department has been done (Hyatt, 2018b).
From this, all of the marketing work has been done on the branch of the company. Another change that will be seen in the Hyatt hotels is the use of technology in the business. Hotel house cleaners are given freedom to make their own schedules for cleaning by using the internal apps. Whereas instead of meetings the guest face to face they prefer to use the tablet computer to have a swift check-in. this is because the company policymaker thinks that interaction between the employer and customer will become a thoughtful interaction, which may ruin the image of the organization. The company has started its services online in the market. From this, it becomes easier for the customer (Berezina et al., 2016).
Conclusion
From the above discussion, it can be concluded that the Hyatt hotel corporation is found with the large organization with multiple properties. The company is focused on increasing the customer satisfaction by giving them a variety of services ranged from high class to middle class, business travelers to families. Service provided by ten companies is also ranged from high to low according to the affordability of customer. The Hyatt hotels have a number of hotel, a resort in more than 54 countries of the world, and are providing the customised services to their clients. The company is conscious about their brand image and reputation. At the time of starting up the business, management and ownership of the company are in the hands of Jay and Donald but now all the management of the hotels are under the purview of directors whereas the shareholders are the real owner of the company. Hyatt has also faced many structural changes in its life. As the company has started with only two person but now the company has more than 50000 employees serving the customers.
References
Berezina, K., Bilgihan, A., Cobanoglu, C. and Okumus, F. (2016) Understanding satisfied and dissatisfied hotel customers: text mining of online hotel reviews. Journal of Hospitality Marketing & Management, 25(1), pp.1-24.
Bowie, D., Buttle, F., Brookes, M. and Mariussen, A. (2016) Hospitality marketing. Oxon: Routledge.
Chicago Business Journal. (2018) Hyatt Hotels’ brand value climbs despite growing Airbnb threat[Online] Available from: https://www.bizjournals.com/chicago/news/2017/03/24/hyatt-hotels-brand-value-shrinks-with-growing.html [Accessed on: 16th August 2018]
Five star Alliance. (2018) Park Hyatt Sydney [Online] Available from: https://www.fivestaralliance.com/luxury-hotels/sydney/park-hyatt-sydney [Accessed on: 16th August 2018]
Forbes. (2018) Hyatt Hotels adopts new mantra in effort to boost sales [Online] Available from: https://www.ft.com/content/71855526-ab09-11e6-9cb3-bb8207902122 [Accessed on: 16th August 2018]
Gibbs, C., Gretzel, U. and Saltzman, J. (2016) An experience-based taxonomy of branded hotel mobile application features. Information Technology & Tourism, 16(2), pp.175-199.
Glassdoor. (2018) Hyatt Overview[Online] Available from: https://www.glassdoor.co.in/Overview/Working-at-Hyatt-EI_IE2839.11,16.htm?countryRedirect=true [Accessed on: 16th August 2018]
Hyatt hotels Corporation. (2018) Annual Financial Report [Online] Available from: https://s2.q4cdn.com/278413729/files/doc_financials/annual%202009/HyattHotelsCorporation_10K_20100225-(2).pdf [Accessed on: 16th August 2018]
Hyatt. (2018a) Investor Relation [Online] Available from: https://investors.hyatt.com/investor-relations/corporate-governance/management-team/default.aspx [Accessed on: 16th August 2018]
Hyatt. (2018b) Our story [Online] Available from: https://about.hyatt.com/en/hyatthistory.html [Accessed on: 16th August 2018]
Leung, X.Y. and Tanford, S. (2016) What drives Facebook fans to “like” hotel pages: A comparison of three competing models. Journal of Hospitality Marketing & Management, 25(3), pp.314-345.
Munjal, S., Sharma, S. and Menon, P. (2016) Moving towards “Slow Food”, the new frontier of culinary innovation in India: The Vedatya experience. Worldwide Hospitality and Tourism Themes, 8(4), pp.444-460.
Nasdaq. (2018) Institutional Ownership [Online] Available from: https://www.nasdaq.com/symbol/h/ownership-summary [Accessed on: 16th August 2018]
Wang, D., Xiang, Z., Law, R. and Ki, T.P. (2016) Assessing hotel-related smartphone apps using online reviews. Journal of Hospitality Marketing & Management, 25(3), pp.291-313.
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