Hyatt Place San Jose/Pinares is the first of many select service
hotels to open across Latin America
CHICAGO--(BUSINESS WIRE)--Nov. 12, 2012--
Hyatt Hotels Corporation (NYSE: 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 House
TM 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
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
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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;
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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.
Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Amy Patti, +1 312 780 5620
amy.patti@hyatt.com