The agreement, which requires ratification, follows contract settlements between UNITE HERE Local 5 and the Hilton Hawaiian Village Beach Resort & Spa and the four Sheraton hotels in Waikiki.

"Hyatt Regency Waikiki and the union agree that the deal we have forged is fair for all parties," said Mike Jokovich, general manager of Hyatt Regency Waikiki Resort and Spa. "We are proud to demonstrate our appreciation for our employees by providing competitive wages and great benefit packages that are some of the best in the nation."

Jokovich said details of the agreement will be released following ratification.

Local 5 spokesman Cade Watanabe said the economic package for Hyatt employees is "very similar" to those agreed to for Hilton and Sheraton workers. The wage increases for the Hilton and Sheraton workers are the highest in at least 15 years.