Carlisle Corporation Inks Deal With Global Hyatt

Carlisle Corporation has signed a management agreement with Global Hyatt Corporation to manage the 240-room Hyatt Regency Memphis Hotel and Spa at One Beale. The hotel will be located at the base of the $175 million mixed-use tower slated to open in downtown Memphis in 2010.

The Hyatt Regency Memphis Hotel and Spa at One Beale will be a luxury hotel anchoring the exclusive condominium and retail tower at the foot of Beale Street along the majestic banks of the Mississippi River. The agreement signifies a major step toward the groundbreaking of this landmark project.

'Global Hyatt will add a sophisticated level of service to residents and guests of this landmark project.' said Gene Carlisle, President of Carlisle Corporation. 'The Hyatt Regency Memphis Hotel and Spa at One Beale will enhance the lives of One Beale residents by providing world class amenities at every turn. Likewise, hotel guests will enjoy an unmatched Memphis experience, from four – star service and amenities to picturesque views of the Mississippi River to easy access to cultural and entertainment venues. We are proud to join with Hyatt and look forward to bringing this upscale product to the downtown market.'

Hyatt Regency hotels cater to local markets and are individually designed to reflect a city's flavors so even executives with the most hectic schedules will be able to experience a destination's culture and charisma. Hyatt Regency hotels offer rejuvenating accommodations and Hyatt's signature products: state-of-the-art technology, exceptional meeting and fitness facilities, innovative restaurants and bars and most importantly, service that meets guests needs.

The $55 million Hyatt Regency Memphis Hotel and Spa at One Beale will feature two restaurants, a coffee café, a world class spa and treatment facility, a richly adorned lobby with a private bar, fitness and workout facility and a 10th floor swimming pool and sundeck.

Residents of One Beale will have access to all hotel facilities as well as the myriad amenities offered by Hyatt's professional service staff. From room service to spa treatments to valet parking, residents and guests will enjoy a pampered lifestyle unlike anything currently available in the Mid-South.

'We are delighted to bring this elite Hyatt property to One Beale, a project that will redefine the Memphis skyline.' said Tim Lindgren, Senior Vice President for Field Operations Hyatt Hotels. 'We share Carlisle Corporation's vision for luxury, service and commitment to excellence. This project will set a new pace for downtown Memphis and we are excited to be a part of this historic development.'

The Hyatt Regency will provide state of the art meeting facilities, with over 22,500 square feet, including a 7,500 square foot ballroom. The elegantly designed meeting space will provide a unique setting for corporate functions and other private gatherings.

A typical hotel floor will consist of 46 rooms, 29 of which will have breathtaking views of the Mississippi River. Room interiors will be professionally designed to accommodate the most discerning travelers. Guests will enjoy gracious living areas and the four-star services of a world-class hotelier.

'The Hyatt Regency Memphis Hotel and Spa at One Beale adds a new dimension to urban living in downtown Memphis,' said Karen Carlisle, Executive Vice President of Marketing for the Carlisle Corporation. 'One Beale will offer an exclusive quality of life that will transform the way people live and interact in downtown Memphis. We are excited to partner with Hyatt and look forward to offering this lifestyle to the mid-South market.'

One Beale is scheduled to break ground at the end of 2007 and is scheduled for completion in 2010. The first phase will be a 30-story luxury high-rise anchored by the Hyatt Regency. The tower will feature 240 hotel rooms and approximately 150 luxury condominiums.

In addition to the hotel and residential components, the building will also feature 29,500 square feet of class A office space and 500 on-site parking spaces.