Introduction
Hyatt Hotels are one of the best luxurious hotels in the world. There are more than 200 Hotels, residences, and resorts running successfully across the globe. Hyatt has imprinted its foot in more than 40 countries. Hyatt’s empire has achieved enormous glory around the world. And The word Hyatt is a significant name among the people, but most of us are aware of the person behind the eternal pride of Hyatt. Who owns Hyatt’s?
The Hyatt empire including the hotels, resorts, and residences was started by the Pritzker family. Now they claim all the rights of the Hyatt global corporations. The family members of Pritzker worked together to run the Hyatt empire successfully. All these innovative ideas started with a single person named Jay Pritzker.
History of Pritzker’s
Pritzker’s family members immigrated to Chicago from Ukraine in the late 19th century. After settling in Chicago Patrick Nicholas Pritzker founded a law firm named Pritzker and Pritzker (P&P) in 1902. At the time they got the best clients to lead their business and evolved successfully in the later 1920s. The law firm was taken care of among the Pritzker’s, soon they became a very well influential, wealthy, and prominent business family in Chicago.
Jay Pritzker and a napkin
In 1957, on an early morning flight, Jay Pritzker came to Chicago from Los Angeles. It was too early to do anything and too late to go to bed. So, at that moment, he saw a pretty nice hotel across the road. He didn’t have anything to do at that time. So, he went there to have a cup of coffee. The name of the cafe is Fat Eddie’s. While Jay Pritzker having his coffee. He was surprised and confused too. Because the hotel seems to be a thronging place which means it must be a well-known hotel among the people. But, the hotel is for sale. He is a wealthy businessman. He can buy the hotel if he wants it. But the Pritzker family belongs to a law firm. And Jay Pritzker himself didn’t have the least interest in Hoteling. But, his instinct told him something that hoteling might be a great idea. He thought there was an opportunity in that hotel, and thus he decided to buy the hotel.
But there is a problem with buying the hotel. Though Jay Pritzker is on a business trip, he doesn’t have a checkbook with him. So, he signs his proposal on the hotel napkin and sends it across to the hotel owner. The offer amount for the hotel that Pritzker wanted to purchase was 2.2 million dollars. It was a huge amount in the 1950s. He had a meeting with the owner right there and the deal was done. Now, He owns the hotel.
An Atrium and Pritzker
In 1967, there was a hotel in the City of Atlanta. Which has been designed by The architect John Portman. The hotel is up for sale. But nobody was interested in buying that hotel. Because of its atrium. The atrium of this particular hotel was twenty-two stores in height. This means it must be 250 feet in height. The people in 1967, were thought that the water droplets condense at that height and would result in rain showers inside the hotel atrium. And that’s why people gave negative comments to the hotel and nobody came forward to buy the hotel. The hotel was even criticized as “a concrete monster”.
But, when Jay Pritzker saw the hotel. He was impressed by the infrastructure of the hotel and he told them that he never saw a hotel like this and he bought that too.
Why did he buy these hotels?
There are two different reasons why Jay Pritzker was interested in buying these hotels.
- He thought that hotels near the airport would be easily located by travelers. And he recognized that in the times to come to every jet setting executive would want a place to stay, which was next to the airport. The first hotel that he bought was near the Airport and which was located on one of the main streets. So, he thought investing in this particular hotel would not be a waste of money.
- In the second case, He acknowledged that when people are looking at something weird and with an awkward expression, later they would love it and accept it as a massive thing or a normal thing. The people looked at the hotel as a strange element. But, Pritzker noticed that the atrium is the signature design of the hotel and it is the method of designing that would rapidly become popular. And the hotel holds the home of uniqueness within it. This, he was impressed with the aesthetic infrastructure of the building and he bought it.
Jay’s intuition is significant
1, Now, most of the frequent air passengers and tourists would prefer the hotel rooms which are near the airport. Because of exhaustion, they must go somewhere and take some time to unpack their baggage.
2, Nowadays, the Atrium is fundamental for every International hotel in the world. In the atrium, you will have the reception area and coffee shops, dining or another essential shop, and a relaxing spa. there will be a huge vacant volume and ambiance that showcases the architectural and aesthetic view of the building. It’s a very huge volume and has greater implications when it comes to a prominent hotel.
He knew designing and he appreciated the aesthetics and creativity. So, in both cases, he trusted his intuition and worked on it to make it a real innovative idea.
Pritzker and Hyatt
Each of the Hotels that Jay Pritzker bought became what today we know as the Hyatt empire. So, the Hyatt hotels across the world which owned more than two hundred different properties in more than forty different countries are all owned merely by the Pritzker family, not by any Hyatt. The first hotel that he bought was owned by Robert Juan Hyatt but Pritzker bought the hotel for 2.2 million dollars. And the entire Hyatt empire was owned by the Pritzker family.
Pritzker Prize
In 1979 Jay Pritzker realized there is no global award for the appreciated good architecture. So, he dedicates one lakh dollars a year to a prize that will celebrate good architecture happening across the world. And that is what we call now the Pritzker prize for architecture. Which is not only the most coveted. But, it is the most respected one of the richest awards which is given globally to the best architecture.
Nobody knows about Pritzker but people all around the world at least have heard the name Hyatt in his/her entire life. Jay Pritzker was a generous man who was more interested in the work that could be done rather than having a name. When somebody asked him why he didn’t rent the hotel to Pritzker instead of Hyatt. Jay Pritzker remarked that it is not the name, and secondly, it’s not easy to pronounce Pritzker in the first place. So, what’s the problem with retaining the name. And, The Pritzker Prize is something that his well-wishers, family, and friends, all wanted him to put his name for. That’s how the Pritzker prize also came into existence.
Conclusion
Jay Pritzker’s life tells us that sometimes we should look into alternative methods to do things. We should believe in our creative ideas. And we should look at something from a different perspective to know its inner beauty. Jay Pritzker is a wealthy businessman from the beginning itself. But, he wanted to do something different. His ideas were explicit and he was lucid with his ideas and worked upon them to accomplish them. By Hyatt, they enlighten us how the action is more important than the name and fame. Secondly, By the Pritzker prize, the Pritzker family became immortalized in the world of architecture.
Frequently Asked Questions
Is Hyatt owned by the Hyatt family?
All the Hyatt hotels and other properties are owned by the Pritzker family. They are the ones who brought up the idea of Hyatt hotels in the world. Thus, they privately and legally owned all the Hyatt profits and other legacies of the corporations.
Which one is nicest, Hyatt house or Hyatt place?
Hyatt House is a residential inn and it is suitable for a long stay like rental rooms and apartments. Which comes with kitchens with appliances, bedrooms, and a studio. Whereas, Hyatt place is a well-furnished and luxurious hotel room where we can check-in for temporary needs.
Do Hyatt members get free breakfast?
Global Hyatt has a lot of beneficial programs for its customers like free breakfast in the morning, especially for its Global Hyatt membership customers.
Do Hyatt hotels allow pets?
Yes. All the Hyatt hotels give preference to pets as much as humans. Mostly Cats and Dogs are usual pets for the Hyatt empire, and two pets are allowed in each of the rooms. But, you have to pay 75 dollars for the pet you are carrying with you.