A 149-room Hyatt Place hotel in San Juan is expected to open in Q1
2016
CHICAGO--(BUSINESS WIRE)--
Hyatt
Hotels Corporation (NYSE: H), PRISA
Group and McConnell
Valdés Consulting today announced the groundbreaking for Puerto
Rico’s fourth Hyatt-branded select service hotel, the $29.7 million
Hyatt Place San Juan. The announcement comes on the heels of the recent
opening of the 126-room Hyatt House San Juan, which opened October 1,
2014, and confirms Hyatt’s commitment to Puerto Rico and the region.
Hyatt Place San Juan will be developed by a joint venture between
affiliates of Hyatt, PRISA Group and McConnell Valdés Consulting, Inc.
As part of the transaction, a Hyatt affiliate has entered into a
management and related agreements with the joint venture for the
operation of the hotel. Hyatt Place San Juan is expected to open in the
first quarter of 2016.
Hyatt Place San Juan (Photo: Business Wire)
The 149-room Hyatt Place San Juan will be located in the Puerto Rico
Convention District in San Juan, adjacent to the recently opened Hyatt
House San Juan. The Puerto Rico Convention District is a master
planned project comprising of 113-acres, which currently includes the
600,000-sq.ft. Puerto
Rico Convention Center, the largest and most technologically
advanced facility of its kind in the region. Building on strong gains in
Puerto Rico’s tourism activity, the Puerto Rico Convention District is
currently seeing a surge of development activity and is in the process
of unveiling several major projects. Hyatt Place San Juan will be
centrally located and minutes from all major attractions and beaches in
the Old San Juan, Condado,
Miramar and Hato Rey
districts. It will also
offer easy access to all major cruise ship terminals and Puerto Rico’s
International Airport.
In the past 11 months, hotel owners and developers PRISA Group and
McConnell Valdés Consulting, Inc. have seen three Hyatt-branded select
service hotels open in Puerto Rico, representing over $115 million in
development costs for them. The 156-room Hyatt
Place San Juan/Bayamon opened in December 2013, the 106-room Hyatt
Place Manatí opened in March 2014 and the 126-room Hyatt
House San Juan opened in October 2014.
“It is wonderful to see Hyatt’s resurgence in Puerto Rico. We have
always believed in the leisure and business potential of the island, and
we see Puerto Rico as a key component of our growth strategy in the
Americas,” said
Pat McCudden
, senior vice president, real estate and
development, Latin America and Caribbean for Hyatt. “Our relationship
with the PRISA Group in Puerto Rico runs decades long, and it is
wonderful to celebrate the fantastic 11-month period, having three
Hyatt-branded hotels open on the island as well as this fourth hotel
announcement.”
“Puerto Rico has and continues to be an important destination for
travelers, posting consistent gains in visitor arrivals, rates and
occupancy over the past several years,” said
Federico Stubbe, Jr.
,
president of PRISA Group, the developer and joint venture partner. “The
Hyatt Place brand’s well-received innovative service concept and modern
design, combined with Hyatt’s impressive worldwide growth over the last
several years and strong brand loyalty in Puerto Rico, offers a
compelling business case for expanding the brand’s presence with a third
Hyatt Place hotel on the island.”
The term “Hyatt” is used in this release for convenience to refer to
Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Place
Launched in 2006, the Hyatt Place brand 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
hotels combine style with casual hospitality. Featuring spacious
guestrooms with the Cozy Corner, free Wi-Fi, the 24/7 Gallery Menu,
Coffee to Cocktails Bar, and free hot breakfast for guests. The Odds &
Ends program also has guests covered with items they may have forgot and
can buy, borrow or enjoy for free. Specially trained Gallery Hosts are
on hand to offer assistance with everything from directions to check-in
to a freshly made meal.
Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 200
locations in the United States, Armenia, China, Costa Rica, India,
Mexico, Puerto Rico, Chile, the Netherlands, and United Arab Emirates.
For Hyatt Place information or to make a reservation, call
1-888-HYATT-HP (888-492-8847) or visit www.HyattPlace.com.
About PRISA Group
PRISA Group (PRISA) is a family-owned developer and builder of green
residential communities and resort hospitality projects in Puerto Rico
and Florida with over 6,000 units in planning and construction,
representing a value of over $3 billion. The firm has delivered over
3,000 units in the last 20 years and is currently developing projects in
Dorado, Vega Alta, Gurabo, San Lorenzo, and Humacao, Puerto Rico, as
well as in Tampa, Florida. PRISA Group has received numerous awards,
including Builder Member of the Decade and three Master Planned
Community of the Year Awards by the National Association of Home
Builders’ Puerto Rico Chapter, as well as the highest honor bestowed
upon Puerto Rico developer, the
Frank Ramirez de Arellano
Award.
PRISA Group is currently developing the Dorado Beach Resort, a $1.4
billion development, including the Dorado Beach, A Ritz Carlton Reserve,
the first in the Americas, which opened to the public in December 2012,
and the J.W. Marriott Dorado Beach, currently in development. In
addition, the Company developed and owns two Hyatt Place & Casino
projects in Bayamon and Manati, Puerto Rico, which opened in December
2013 and March 2014 and the Hyatt House San Juan, Puerto Rico’s first
Extended Stay hotel, which opened in October 2014. For more information,
please visit www.prisagroup.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, license, own and develop hotels, resorts, branded residences
and vacation ownership properties under the Hyatt®, Park Hyatt®,
Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt
House®, Hyatt Zilara™,
Hyatt Ziva
™, Hyatt Residences® and Hyatt
Residence Club® brand names and have
locations on six continents. As of June 30, 2014, the Company's
worldwide portfolio consisted of 563 properties in 48 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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20141021006851/en/
Source: Hyatt Hotels Corporation