LOS ANGELES (Reuters) - Hilton Hotels Corp, owned by Blackstone Group LP, launched new luxury hotel brand Denizen on Tuesday, catering to "globally conscious modern travelers of the world."
The long-awaited announcement comes as luxury hotels and resorts have fallen out of favor during the deepening recession, as businesses look to cut back on extras and corporate travel planners shy away from frivolous spending.
"While we continue to operate in a challenging macro economic environment, the addition of Denizen Hotels demonstrates our commitment to continuing to invest in our long-term growth," Christopher Nassetta, Hilton's president and chief executive, said in a statement.
Hilton said the new brand "will be highlighted by exceptional design and service at an accessible price point," rounding out the company's "Luxury & Lifestyle portfolio," including the Waldorf Astoria, the Waldorf Astoria Collection and Conrad Hotels & Resorts.
The company said Denizen developments are planned in cosmopolitan, urban cities as well as resort destinations.
Hilton said active negotiations are currently underway for developing projects in Abu Dhabi, Beverly Hills, California, Buenos Aires, Istanbul, Jerusalem, London, Mumbai and New York.
Reporting by Deena Beasley; editing by Jeffrey Benkoe