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Hyatt Is Cutting Managers: Blaming an industry-wide slump in hotel bookings, Hyatt Hotels Corp. is laying off 700 managers at its 105 U.S. hotels. The layoffs will reduce the Chicago-based chain’s staff by 1.5%. Line employees, such as housekeepers, doormen and others who come in contact with guests, won’t be affected, the company said. The layoffs, the largest in the company’s 34 years, began last week. Hotel companies nationwide have felt the sting of the recession, said Carol Palmer, an analyst for Duff & Phelps Inc. in Chicago. “As a cost-cutting measure, the Hyatt trims seem to be a prudent and wise thing,” she said.