Expansion of Hyatt-Branded Hotels in Latin America Continues with the Opening of First Hyatt Place O
Nov 12th 2012 12:51PM
Updated Nov 12th 2012 12:52PM
Expansion of Hyatt-Branded Hotels in Latin America Continues with the Opening of First Hyatt Place Outside of the U.S.
Hyatt Place San Jose/Pinares is the first of many select service hotels to open across Latin America
CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYS: H) today announced the opening of Hyatt Place San Jose/Pinares, the first Hyatt-branded hotel in Costa Rica and the first Hyatt Place hotel outside of the United States. In addition to Hyatt Place San Jose/Pinares, 13 previously announced hotels will open across Hyatt's portfolio of brands in Latin America. When these properties open, there will be a total of 22 Hyatt-branded hotels in Latin America.
"Latin America is a key emerging market and one where we believe our brands, especially our select service offerings, have tremendous potential," said Stephen Haggerty, global head of real estate and capital strategy, Hyatt Hotels Corporation. "Thanks to accelerating economic development and an increase in business travel, we believe our select service brands will be successful in multiple countries throughout the region, and we are confident Hyatt Place will be as well received in Latin America as it has been in the United States."
With the opening of Hyatt Place San Jose/Pinares, there are now nine Hyatt-branded hotels in Latin America currently under the Park Hyatt, Grand Hyatt, Hyatt Regency and Hyatt Place brands in Argentina, Brazil, Chile, Costa Rica and Mexico. Additional hotels are under development in Brazil, Chile, Colombia, Costa Rica, Mexico, Panama, and Uruguay, including four Hyatt Place properties.
Hyatt Place San Jose/Pinares introduces the Hyatt Place brand to Latin America. Hyatt Place, launched in 2006, offers upscale select service features inspired by multitasking travelers' 24/7 lifestyle, a stylish design and practical amenities with forward-thinking technology. Hyatt Place hotels expected to open in Latin America in 2013 include Hyatt Place Santiago/Vitacura in Chile, Hyatt Place Panama City/Downtown in Panama, and Hyatt Place San Jose del Cabo in Mexico. Hyatt Place Tijuana in Mexico is expected to open in 2014.
The 120-room Hyatt Place San Jose/Pinares is part of Momentum Pinares, a mixed use commercial complex on the east side of Costa Rica's capital that includes an approximately 97,000 square foot office tower, a 48,000 square foot medical building, a theater, and shopping mall with 75,000 square feet of retail space.
"Introducing our select service brands to Latin America will bring Hyatt's authentic hospitality to an audience who has never stayed with us before," said Myles McGourty, senior vice president, Hyatt of Latin America. "The proximity of Hyatt Place San Jose/Pinares to universities, leisure destinations and multinational corporations will allow us to showcase the brand's flexible nature and the amenities that have been so successful in creating a new category of hotel in the U.S."
A Look at Hyatt's Global Growth
Hyatt's hotel pipeline is larger than it has ever been, with more than 175 properties in development (or more than 39,000 rooms) across all brands. The executed contracts represent potential entry into several new countries - approximately 75 percent of future expansion is expected to be outside of North America - and expansion into many new markets or markets in which Hyatt is under-represented.
"We are strategically placing our brands in locations and markets that will further our leadership in the industry," said Haggerty. "This is an exciting time for Hyatt and our growing global footprint demonstrates increasing confidence among owners and developers in the strength of the Hyatt brand."
About Hyatt Place
Launched in 2006, Hyatt Place brings to the upscale select service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travelers' 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Spacious guestrooms feature multiple areas to work and relax, and include the Cozy Corner, an eight-foot sectional sofa sleeper; plush Hyatt Grand Bed; and ergonomic work center. For more information, please visit www.hyattplace.com.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®and Hyatt HouseTM brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of September 30, 2012, the Company's worldwide portfolio consisted of 496 properties in 45 countries. For more information, please visit www.hyatt.com.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, general economic uncertainty in key global markets, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to short and medium-term group bookings; the impact of hotel renovations; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; our ability to successfully execute and implement our common stock repurchase program; loss of key personnel, including as a result of our organizational realignment; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; foreign exchange rate fluctuations or currency restructurings; general volatility of the capital markets; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Hyatt Hotels Corporation
Amy Patti, +1 312 780 5620
KEYWORDS: United States North America Caribbean Illinois Puerto Rico
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