Classic Residence by Hyatt Suspends Development Plans for Turtle Creek Project

CHICAGO, IL, JUNE 20, 2008

Classic Residence by Hyatt, the national leader in luxury living for older adults, today announced the company is suspending its plans to bring the first continuing care retirement community (CCRC) of its kind to the Turtle Creek area of Dallas. The company currently intends to retain the 6.5 acre property at 3000 Turtle Creek Blvd. in anticipation of resuming efforts to build a CCRC on the site at a future date.

The company’s decision to suspend its development plans is in response to the current economic climate and state of the housing market. Due to these external market conditions, Classic Residence by Hyatt has not received the response required to move forward with its development plans at this time despite promising demand for the CCRC product.
 
“We are disappointed to announce we are suspending our development plans at this time. However, we are confident that we will ultimately be successful in this market and that older adults in Dallas will recognize that the retirement community options currently offered in the marketplace do not compare to the Classic Residence by Hyatt brand and product offering,” said Randal J. Richardson, president, Classic Residence by Hyatt. 

Classic Residence by Hyatt is committed to developing luxury senior living communities, with high quality services and amenities, in major metropolitan areas from coast to coast. The company has been dedicated to this effort for more than 20 years. Development and expansion projects are currently underway in Highlands Ranch, Colo.; La Jolla, Calif; and Scottsdale, Ariz.

About Classic Residence by Hyatt
Classic Residence by Hyatt is a national leader in luxury living for older adults that currently develops, owns, and operates upscale senior living communities in Scottsdale, Ariz.; Monterey, Calif. (owned by Pacifica Companies and managed by Classic Residence by Hyatt); Palo Alto, Calif.; San Diego, Calif.; Highlands Ranch, Colo.; Aventura, Fla.; Boca Raton, Fla.; Hollywood, Fla.; Lantana, Fla.; Naples, Fla.; Plantation, Fla.; Pompano Beach, Fla.; Glenview, Ill.; Chevy Chase, Md.; Reno, Nev.; Teaneck, N.J.; Yonkers, N.Y.; Hilton Head Island, S.C.; and Dallas, Texas. Classic Residence by Hyatt’s newest continuing care retirement community is under development in Scottsdale, Ariz. A major expansion has just been completed in San Diego, Calif. Classic Residence by Hyatt communities have earned honors for being among the nation’s finest, including Platinum, Gold and Silver Achievement Awards from the National Association of Home Builders 50+ Housing Council. The toll-free corporate number is 1-800-421-1442, and the company’s Web site is at http://www.hyattclassic.com/.

Classic Residence by Hyatt is a privately held company and is completely independent from Hyatt Corporation and other Pritzker-owned entities.