Hyatt forms joint venture with experienced developer for multiple
Hyatt Place hotels in Brazil
CHICAGO--(BUSINESS WIRE)--Jun. 18, 2013--
Hyatt Hotels Corporation (NYSE: H) today announced the execution of an
agreement to form a joint venture between a Hyatt affiliate and FSA
Group S.A. (FSA), a Libra Group company, to develop and own nine Hyatt
Place-branded hotels in Brazil. The total investment from Hyatt and FSA
for the development of these hotels is expected to be approximately US
$270 million.
The hotels will be located in key cities and towns that have established
commercial and industrial infrastructure and will help meet the growing
demand for quality accommodation across Brazil. It is anticipated that
the first of these new properties will open in 2016.
“This joint venture represents the next phase of Hyatt’s expansion in
Latin America, and we are thrilled to work with an experienced developer
that can help bring the Hyatt Place brand to one of the largest
countries in the world,” said
Pat McCudden
, Senior Vice President, Real
Estate And Development – Latin America and Caribbean, Hyatt Hotels &
Resorts. “Throughout Latin America, the select service segment is
significantly underserved. Our U.S. guests have embraced the Hyatt Place
brand and we believe that by tailoring the design and amenities
specifically for the Latin American market, the brand will be equally
successful in Brazil and throughout the region. We recently opened our
first Hyatt Place in Latin America, in San Jose, Costa Rica in late 2012
and we will open three additional Hyatt Place hotels this year, in
Mexico, Panama, and Chile.”
“Working with Hyatt is an important component of our ongoing strategy to
help support a future-ready infrastructure for Brazil’s thriving
economy,” said Raúl
Gonzalez Neira
, President and Chief Executive of FSA
Group. “Brazil continues to enjoy strong economic growth, and these new
high-quality properties aimed at business and leisure travelers will
help meet this demand, while also supporting the local economy through
both temporary and permanent job creation. Together with Hyatt, with
whom we enjoy a long-standing and fruitful relationship, we are looking
forward to this latest collaboration.”
FSA Group will manage and coordinate the development of the nine Hyatt
Place hotels, and have deployed design and construction teams in Brazil
to handle all aspects of project management. Hyatt will manage each of
the Hyatt Place hotels.
The hotels, which will range from 150 to 200 rooms, will be located in
urban, suburban and airport locations. Each hotel will offer spacious
guestrooms featuring the Hyatt Grand Bed® and Cozy Corner sofa-sleeper,
meeting space and 24/7 access to meals and amenities. Hyatt Place was
ranked #1 Select-Service Brand by Business Travel News in the 2012 Hotel
Chain Survey.
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. Hyatt Place hotels feature complimentary Wi-Fi
access and remote printing, a 24-hour StayFit@Hyatt fitness center, a
coffee and wine bar serving specialty coffees and premium wine, beer and
spirits, complimentary breakfast, and other food and beverage options
available for purchase throughout the day. The new Gallery Menu, Fresh
24/7 offers entrées and appetizers around the clock. Specially trained
Gallery Hosts offer assistance with everything from directions to
check-in to a freshly made meal. Spacious guestrooms are designed to
help guests perfectly blend their lifestyle of work and play, featuring
the Hyatt Grand Bed®, Cozy Corner sofa sectional, work center, 42-inch
HDTV and the Hyatt Plug Panel media center.
Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 170
locations throughout the United States, as well as locations in Costa
Rica and India. For Hyatt Place information or to make a reservation,
call 1-888-HYATT-HP (888-492-8847) or 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® 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
March 31, 2013, the Company's worldwide portfolio consisted of 508
properties in 46 countries. For more information, please visit www.hyatt.com.
About FSA
FSA Group identifies and executes strategic long term investments in the
South American continent. Founded in early 2005, FSA owns commercial,
residential and hospitality developments approaching 3 million square
feet of prime real estate. For more information please visit www.fsagrp.com.
About Libra Group
The Libra Group is an international business group with principal
operations in five core sectors: shipping, aviation, real estate,
hospitality and energy. The group which is owned by the Logothetis
family comprises 30 subsidiaries operating from 25 locations across four
continents. Libra is distinguished by a combination of traditional
values, new ideas and an agile mindset that allows it to take advantage
of opportunities. For more information please visit www.libra.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. 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, 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
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Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Amy Patti, +1 312 780 5620
Amy.Patti@hyatt.com
or
Libra
Group
Gareth Zundel, +44 20 7245 8700
gareth.zundel@libra.com