Hyatt Unveils Major Hotel Expansion Plans for Latin America
Hyatt Hotels Corporation has completed its previously announced acquisition of the 756-room Hotel Nikko Mexico from Japan-Mexico Hotel Investment Co., Ltd. for approximately $190 million. The hotel has been rebranded as Hyatt Regency Mexico City. Hyatt also announced plans for eight new Hyatt-branded hotels in Latin America,in addition to four previously announced hotels under development, for a total of 12 Hyatt hotels under development in Latin America. When these properties open, there will be a total of 20 Hyatt-branded hotels in the region.
Over the next three years, Hyattis expected to invest approximately $40 million to renovate Hyatt Regency Mexico City to strengthen the hotel’s competitive position as the preferred business and leisure hotel in the Polanco are ofMexico City.
“The introduction of Hyatt Regency Mexico City marks the first step in expanding the presence of Hyatt-branded hotels in Mexico and throughout Latin America,” said Steve Haggerty, global head of real estate and development for Hyatt. “Our substantial direct investment in acquiring this hotel, as well as our plans for 12 new properties in Latin America across our full-and select-service brands, underscores our commitment to becoming the most preferred hospitality brand by opening hotels in key locations where our guests are traveling.”
Of the eight agreements for Latin America, all of which were signed prior to March 31, 2012, six are for hotels in Mexico, one is for a hotel in Colombia and one is for a hotel in Chile. Several of these projects will include investment by affiliates of Hyatt.In Mexico, Park Hyatt Los Cabos, located within a master planned golf resort community, will offer 196 guestrooms and 36 Park Hyatt-branded residences. The 220 room-Park Hyatt Riviera Maya, expected to open in 2016, will be locatedwithin an upscale, mixed use hotel, residential and golf community located on the beachfront in Riviera Maya.
The 213-room Andaz Mayakoba, expected to open in 2015,will be located in the master planned resort community of Mayakoba, which is situated along one mile of beach coastline in Mexico’s Riviera Maya. The 332-room Hyatt Playa, also expected to open in 2015, will be located in Playa del Carmen on a beach-front property. Located in San Jose del Cabo, Mexico, and expected to open in 2013, Hyatt Place San Jose del Cabo will offer 157 guestrooms and will be situated in close proximity to the beach, golf courses, commercial areas and dining and entertainment venues. Finally, Hyatt Place Tijuana, expected to open in 2013,will offer 144 guestroomsin the Aviacion neighborhood on Agua Caliente Boulevard.
In Colombia, Hyatt Regency Cartagena, expected to open in 2015, will be located within a new mixed-use development in Cartagena’s oceanside Bocagrande district and will offer 250 rooms, including 29 suites. The hotel will be the first Hyatt-branded property in Colombia and will include 72 Hyatt-branded residential condominiums.In Chile, the 160-room Hyatt Place Vitacurais expected to open in late 2012 and will be located close to several diplomatic missions and embassies, as well as Vitacura’s high-end retail area.
“The introduction of Hyatt Regency Mexico City creates a significantly higher profile for Hyatt’s brands in Mexico and throughout all of Latin America,” said Myles McGourty, senior vice president of Hyatt of Latin America. “The addition of four of Hyatt’s hotel brands in Mexico over the next few years and our plans for further expansion throughout the region underscores our commitment to enhancing preference for our brands.”
The four previously announced Hyatt-branded hotels under development in Latin America are: Grand Hyatt Rio de Janeiro in Brazil, Andaz Papagayo and Hyatt Place San Jose Pinares in Costa Rica, and Hyatt Place Panama City in Panama.There are currently eight full service Hyatt-branded hotels in Latin America including Palacio Duhau Park Hyatt Buenos Aires and Park Hyatt Mendoza(Argentina); Grand Hyatt Sao Paulo(Brazil); Grand Hyatt Santiago(Chile); and Hyatt Regency Cancun, Hyatt Regency Merida, Hyatt Regency Mexico City and Hyatt Regency Villahermosa(Mexico).
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