Hyatt Place and Hyatt House Panama City Costa del Este are expected
to open in 2015
CHICAGO--(BUSINESS WIRE)--Feb. 26, 2013--
Hyatt
Hotels Corporation (NYSE: H) announces that a Hyatt affiliate and
affiliates of the Malca family have formed a joint venture to develop
and own two hotels in the master planned community of Costa del Este in
Panama City, Panama that will be branded as a Hyatt Place and Hyatt
House.
Hyatt Place Panama City Costa del Este and Hyatt House Panama City Costa
del Este
will be part of a mixed use development that will also include
approximately 118,000 square feet (11,000 square meters) of commercial
space containing both retail and office space. Hyatt Place Panama City
Costa del Este will offer 168 guestrooms and Hyatt House Panama City
Costa del Este will offer 120 guestrooms, and the hotels will be located
in adjacent towers. Construction of the project will begin later this
year and both hotels are expected to open in early 2015. The hotels will
be the second and third Hyatt-branded hotels to open in Panama City,
joining Hyatt
Place Panama City, which is expected to open later this year.
“Hyatt House Panama City Costa del Este will be the first Hyatt House
project in Latin America and we believe that there is significant
potential to grow this extended stay brand throughout the region,” said
Pat McCudden
, Senior Vice President, Real Estate And Development – Latin
America and Caribbean for Hyatt. “We also believe that the Hyatt Place
brand will serve the increasing demand that is generated by the
commercial growth occurring in Costa del Este, Panama City’s premier
location for new office and commercial development. Following the
successful collaboration with the Malca family on Hyatt Place Panama
City, we are delighted to be working with them on the second project in
Panama.”
“We believe in both the Hyatt House and Hyatt Place brands, and think
the hotels will complement the planned commercial component and will
have strong appeal in Costa del Este due to its proximity to the
airport, the canal and the downtown area,” said
Jose Rogelio Arias
,
Senior Vice President of Hospitality and Real Estate for Immobiliare
Real Estate Development Group, the Malca family’s development company.
“Panama’s economy continues to experience growth and the anticipated
expansion and operation of the Panama Canal could result in strong
business demand for the next decade.”
“Costa del Este continues to experience economic growth as both
international and domestic companies relocate and expand there from
downtown Panama City as well as from other locations within Latin
America,” said
Joseph Malca
, CEO of Malca & Co. Ltd. “The Hyatt Place
and Hyatt House hotels are strategically located on Costa Del Este’s
main boulevard and adjacent to the 80-acre Felipe Motta Park. We are
proud to form our second joint venture with Hyatt and feel very
optimistic about Hyatt's growth in Panama. We are excited to bring
Hyatt’s world-class hospitality to Panama with both the Hyatt Place and
Hyatt House brands.”
Hyatt’s hotel pipeline is larger than it has ever been, and as of
December 31, 2012, it included executed management or franchise
contracts for approximately 200 hotels across all brands in all of the
regions in which it operates. For more information, please visit www.hyattdevelopment.com.
About Immobiliare Real Estate Development Group
Immobiliare Real Estate Development Group is the Malca family’s
development company. Since 1970,
Saul Malca
, founder of Immobiliare,
more recently together with son
Joseph Malca
, has helped build the
skyline of Panama and has had the fortitude to complete several
important residential commercial and hospitality Real Estate
developments in the Isthmus of Panama. For more information on
Immobiliare visit www.immobiliare.com.pa.
About Hyatt Place
Hyatt Place combines style and innovation to create a casual simple
hotel experience for today’s multi-tasking traveler. Modern spacious
guestrooms feature a Cozy Corner sofa sleeper, the Hyatt Grand Bed and
42” HDTV with plug and play capability. Guests stay connected with free
Wi-Fi and enjoy the A.M. Kitchen Skillet, a complimentary hot breakfast.
Hyatt Place hotels also feature the new Gallery Menu, Fresh 24/7,
specialty coffees, premium beer, wine and spirits. Properties typically
have 125 to 200 rooms and are located in urban, airport and suburban
areas. Hyatt Place caters to business travelers as well as leisure
guests and families. Hyatt Place properties are also well suited to
serve small meetings and events.
About Hyatt House
Hyatt House was designed to provide a residential atmosphere with spaces
and services to keep routines rolling while guests are away from home.
Residentially inspired studio, one- and two- bedroom suites feature
contemporary full kitchens and separate living and sleeping areas with
flat panel HDTVs. Guests stay connected with free Wi-Fi and enjoy the
complimentary hot breakfast and Evening Social, a social hour, Monday
through Thursday. Some locations feature an H BAR with a Sip+Savor Menu
and full bar. The all-suite properties typically have 125 to 200 rooms
and are located in urban, airport and suburban areas. Hyatt House caters
to extended stay business and leisure travelers as well as families.
Hyatt House properties are also well suited to serve small meetings and
events.
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
December 31, 2012, the Company's worldwide portfolio consisted of 500
properties in 46 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. 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.
Source: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Siân Martin, +1 312 780 5797
sian.martin@hyatt.com