Hyatt Announces Land Purchase for the Construction of Grand Hyatt Rio De Janeiro
Hotel Will Be Second Hyatt-branded Property in Brazil
CHICAGO --(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has acquired a majority interest in a 46,000 square meter ocean-front property in Barra da Tijuca, an upscale residential and commercial district of Rio de Janeiro, Brazil, for the purpose of developing a 408-room Grand Hyatt hotel on the site.
Grand Hyatt Rio de Janeiro will be located directly across from the beach in Barra da Tijuca and will feature two full service restaurants, a lounge/bar, pool bar, patisserie, fitness center and spa, and a 900 square meter grand ballroom, along with 1,300 square meters of additional meeting and function space.
"Grand Hyatt Rio de Janeiro will be a terrific addition to the collection of 36 spectacular Grand Hyatt hotels around the world today, and will be a strong complement to the 470-room Grand Hyatt in Sao Paulo," said Myles McGourty, senior vice president, Latin America for Hyatt Hotels & Resorts.
"Rio de Janeiro is the second largest city in Brazil and a strong international destination, making it an important market for both business and leisure travelers," said Pat McCudden, senior vice president, real estate and development – Latin America, Caribbean, and Mexico for Hyatt Hotels & Resorts. "Expanding our presence in Brazil is a critical component in our international expansion strategy and the development of Grand Hyatt Rio de Janeiro represents a significant opportunity to further Hyatt's goal of becoming the most preferred brand in all the segments we serve by expanding in locations where Hyatt brands are not represented or are under-represented."
Grand Hyatt hotels feature spectacular, distinctive properties in major gateway cities and resort locales around the world. Signature elements include stand alone buildings in large city centers or mixed-use developments with a dramatic lobbies, innovative dining options, state of the art technology, distinctive spa and fitness centers, and comprehensive business and meeting facilities. In addition to Grand Hyatt Rio de Janeiro, ten other Grand Hyatt properties are currently under development around the world.
Hyatt's current portfolio in Latin America includes hotels in Argentina, Brazil, Chile, and Mexico. As of September 30, 2010, Hyatt has opened 25 properties worldwide this year among all its hotel brands.
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 in 45 countries 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 Summerfield Suites® brand names and have locations under development on five continents. Hyatt Vacation Ownership, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of September 30, 2010, the Company's worldwide portfolio consisted of 447 properties. For more information, please visit www.hyatt.com.
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