Hyatt and LATAM Hotel Corp. to Develop 10 Hyatt Place Hotels in Central America and Mexico
April 28, 2014 11:01am
April 28, 2014 - CHICAGO - Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a master development agreement with LATAM Hotel Corp. to develop 10 Hyatt Place hotels in Central America and Mexico and that Hyatt affiliates have entered into franchise agreements with LATAM Hotel Corp. for the first five hotels: Hyatt Place Managua in Nicaragua, Hyatt Place Guatemala City in Guatemala, Hyatt Place San Salvador in El Salvador, and Hyatt Place San Pedro Sula and Hyatt Place Tegucigalpa in Honduras.
“We are delighted to be working with LATAM Hotel Corp. as we continue increasing the representation of the Hyatt Place brand throughout Latin America”
“We are delighted to be working with LATAM Hotel Corp. as we continue increasing the representation of the Hyatt Place brand throughout Latin America,” said Pat McCudden, senior vice president, real estate and development – Latin America and Caribbean for Hyatt Hotels & Resorts. “We believe Central America has strong economic growth potential, and we are excited to see these five hotels become the first Hyatt-branded hotels in their respective countries.”
Fernando Paiz, president of LATAM Hotel Corp. said, “Hyatt Place is a top-performing brand that is rapidly expanding throughout the Americas and is becoming a favored option among travelers in the markets that it is entering. Introducing the Hyatt name and culture of hospitality to Central America through Hyatt Place hotels allows us to tap into an important business and leisure travel market. It is a brand that offers the modern style and seamless experience that is desired by both business and leisure travelers.”
Located in Nicaragua’s capital city of Managua, Hyatt Place Managua is expected to open in 2015. The 140-guestroom hotel is being developed on a 77,500 square foot site (7,400 square meters), conveniently located next to Galerias Santo Domingo, Managua’s premier shopping center, with access to over 130 stores and 20 restaurants and bars. The hotel will be 20 minutes from Augusto C. Sandino International Airport.
Located in Guatemala’s capital city of Guatemala City, Hyatt Place Guatemala City is expected to open in 2016. The 140-guestroom hotel is being developed on a 122,116 square foot site (11,345 square meters), as part of the Avia mixed-use development project located in the upscale area locally known as “Zona Viva.” The project will be the most exclusive shopping and entertainment venue in Guatemala City and will include upscale retail, luxury condominiums, Class-A office space and a convention center. The hotel will be located 10 minutes from La Aurora International Airport.
Located in El Salvador’s capital city of San Salvador, Hyatt Place San Salvador is expected to open in 2016. The 140-guestroom hotel is being developed on a 132,772 square foot site (12,335 square meters), as part of a larger mixed-use development project within the existing Las Cascadas shopping mall. The project will also include additional retail, dining and office space. The hotel will be located 10 minutes from the US Embassy in San Salvador and 30 minutes from El Salvador’s International Airport at Comalapa.
Located in Honduras’ capital city of Tegucigalpa, Hyatt Place Tegucigalpa is expected to open in 2015. The 126-guestroom hotel is being developed on a 15,069 square foot site (1,800 square meters), located in the downtown Parque Comercial Los Proceres, an upscale mixed-use development. The neighborhood is home to exclusive gated residential communities, the Centro Comercial Los Proceres shopping mall and the Embassy of the United States, among others. The hotel will be located seven miles from Toncontin International Airport.
Located in San Pedro Sula, the second most populous city in Honduras, Hyatt Place San Pedro Sula is expected to open in 2015. The 138-guestroom hotel is part of a 58,125 square foot (5,400 square meters) mixed use development that will house boutique shopping, dining and Class-A office space. The hotel will be located at the intersection of Avenida Circunvalación and Calle 10, a popular shopping, dining and entertainment destination in the city. The hotel will offer easy access to the city’s business and commercial districts and will be 10 miles from Ramon Villeda International Airport.
Hyatt Place in Latin America and the Caribbean
In 2012, Hyatt introduced the Hyatt Place brand to Latin America with the opening of Hyatt Place San Jose/Pinares in Costa Rica, making it the first Hyatt Place hotel outside of the United States. The following year in 2013, a Hyatt affiliate entered into a master development agreement for nine Hyatt Place branded hotels in Brazil. Also in 2013, Hyatt Place Bayamon in Puerto Rico and Hyatt Place Los Cabos in Mexico opened.
This year, the Hyatt Place brand continued its expansion in the region with the opening of Hyatt Place Manatí in Puerto Rico in March. Additionally, previously announced hotels that are scheduled to open in 2014 include Hyatt Place Santiago/Vitacura in Chile, Hyatt Place Panama City in Panama, and Hyatt Place La Paz and Hyatt Place Ciudad del Carmen in Mexico.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation or one or more of its affiliates.
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. 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, 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; 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; changes in the competitive environment in our industry and the markets where we operate; 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.
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Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 180 locations in the United States, Armenia, Costa Rica, India, Mexico, Puerto Rico and the Netherlands. For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.com.
Contact: Aurelia Vasquez
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