Hyatt Opens New Sarasota Residences

Hyatt Hotels Corp. has opened Hyatt Siesta Key Beach, 44 new luxury highrise beachfront residences on Sarasota's Siesta Key, known nationwide as one of the country's most pristine white sand beaches.

Hyatt Siesta Key, which features fully furnished facilities in 13 floor plans on Siesta's Crescent Beach, is called a "fractional residence" because people use the facilities for certain times of the year. The living space ranges from 1,865 to 2,920 square feet and includes custom furniture and Italian cabinetry.

Hyatt Siesta joins 15 other Hyatt Residence Club and Hyatt Vacation Club properties, including locations in Key West and Bonita Springs, Fla.; Carmel, Calif.; San Antonio; Aspen, Beaver Creek and Breckenridge, Col.; Lake Tahoe, Nev.;  Sedona, Ariz.; and Dorado, Puerto Rico. Chicago-based Hyatt is planning to build a new Residence Club on Fifth Avenue in New York City.

Residents at Hyatt Siesta usually use the facility, which has on-site property managers, as a second home. They have access to the 14 other Hyatt Residence properties and gain special guest services at Hyatt hotels.

Sarasota-based Tandem Construction built the facility in 13 months. More than 500 workers were needed for the Siesta Key project, which pumped about $100 million into the Sarasota economy, according to The Carlyle Group, a private global investment and equity firm and owners of the Hyatt Siesta Key. Carlyle has $84.5 billion in assets under management.

"Carlyle enjoyed working with Hyatt to develop this splendid property on one of the most pristine beaches in the
country," said Mark Schoenfeld, managing director of The Carlyle Group. "It's coming to fruition validates our shared vision for choosing Crescent Beach for Hyatt Siesta Key Beach."

Writer: Dave Szymanski

Source: Mark Schoenfeld, The Carlyle Group