Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into a management agreement with an affiliate of Huayuan Property for a Grand Hyatt hotel in Changsha, Hunan Province in central China.

"Changsha has established itself as a major hub for global business and entertainment, and we are honored to have the opportunity to bring the Grand Hyatt brand to such a great city," said Mark Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation at the agreement signing in Changsha earlier today.

"Throughout our 40 years in China, we have showed thousands of guests how our associates can meet and exceed their needs, and we look forward to bringing Hyatt's signature authentic hospitality to such a dynamic and historic city."

Grand Hyatt Changsha will be centrally located in the most prestigious commercial and business areas along the Xiangjiang River in downtown Changsha. The hotel will be part of "The Central," a mega mixed use complex that will incorporate high-end residential buildings, office spaces, and luxury shopping facilities.

Situated on the upper floors of an iconic 268-meter-high skyscraper, Grand Hyatt Changsha will enjoy unobstructed views over the city and the river, and is expected to become the new landmark of Changsha.

The 324-room hotel will feature an array of restaurants and bars, multi-purpose meeting and banquet facilities, a fitness center, a pool and a spa, and is expected to create over 500 new jobs.

"We are very pleased to work with Hyatt on such an exciting and significant project. We look forward to our collaboration with Hyatt in further developing the high-end hotel market in Changsha," said Ren Zhiqiang, Chairman of Huayuan Property Co., Ltd.