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Hyatt Announces Completion Of Acquisition And Rebranding Of Hotel Nikko Mexico To Hyatt Regency Mexico City

By: Hyatt Hotels Corporation |  2 Shares     175 Reads

Hyatt-branded hotels in Latin America expected to increase to 20 properties from eight.

CHICAGO (May 21, 2012) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate completed its previously announced acquisition of the 756-room Hotel Nikko Mexico from Japan-Mexico Hotel Investment Co., Ltd. for approximately US$190 million. The hotel has been rebranded as Hyatt Regency Mexico City. Ramping up its expansion in Latin America, Hyatt also announced plans for eight Hyatt-branded hotels in Latin America, in addition to four previously-announced hotels under development, for a total of 12 Hyatt-branded hotels under development in Latin America. When these properties open, there will be a total of 20 Hyatt-branded hotels in the region.

Over the next three years, a Hyatt affiliate is expected to invest approximately US$40 million to renovate Hyatt Regency Mexico City to strengthen the hotel’s competitive position as the preferred business and leisure hotel in Polanco, Mexico City’s most desirable area.

“The introduction of Hyatt Regency Mexico City marks the first step in expanding the presence of Hyatt-branded hotels in Mexico and throughout Latin America,” said Steve Haggerty, global head of real estate and development for Hyatt Hotels Corporation. “Our substantial direct investment in acquiring this hotel, as well as our plans for 12 new properties in Latin America across our full-and select-service brands, underscores our commitment to becoming the most preferred hospitality brand by opening hotels in key locations where our guests are traveling.”

New Agreements for Six Hotels in Mexico, One Hotel in Colombia and One Hotel in Chile

Of the eight agreements being announced, all of which were signed prior to March 31, 2012, six are for hotels in Mexico, one is for a hotel in Colombia and one is for a hotel in Chile. Several of these projects will include investment by affiliates of Hyatt.

In Mexico:

Park Hyatt Los Cabos

Located within a master planned golf resort community that stretches along two miles of beach coastline in Los Cabos, Park Hyatt Los Cabos will offer 196 guestrooms and 36 Park Hyatt-branded residences. In addition, the hotel, expected to open in 2015, will feature meeting and event facilities, several food and beverage outlets, and a 13,000 square feet, a ten-treatment room spa, and a fitness center.

Park Hyatt Riviera Maya

The 220 room-Park Hyatt Riviera Maya, expected to open in 2016, will be situated within an upscale, mixed use hotel, residential and golf community located on the beachfront in Riviera Maya, south of Cancun. The luxury hotel will offer meeting space, three restaurants, a coffee shop, pool, spa, and a fitness center.

Andaz Mayakoba

The 213-room Andaz Mayakoba will be located in the master planned resort community of Mayakoba, which is situated along one mile of beach coastline in Mexico’s Riviera Maya. The hotel, expected to open in 2015, will offer food and beverage outlets, a spa, and a fitness center.

Hyatt Playa

Hyatt Playa, expected to open in 2015, will be located in Playa del Carmen on a beach-front property with 460 feet of white sand beach. The 332-room Hyatt Playa will offer food and beverage outlets, a spa, and a fitness center.

Hyatt Place San Jose del Cabo

Located in San Jose del Cabo, Mexico, and expected to open in 2013, Hyatt Place San Jose del Cabo will offer 157 guestrooms and will be situated in close proximity to the beach, golf courses, commercial areas and dining and entertainment venues. The hotel is located less than 10 miles from Los Cabos International Airport.

Hyatt Place Tijuana

Hyatt Place Tijuana will offer 144 guestrooms, and is expected to open in 2013. Located in the vibrant Aviacion neighborhood on Agua Caliente Boulevard, the hotel will be close to the city’s best shopping plazas and Tijuana’s international airport.

In Colombia:

Hyatt Regency Cartagena

Expected to open in 2015, Hyatt Regency Cartagena will be located within a new mixed-use development in Cartagena’s oceanside Bocagrande district and will offer 250 rooms, including 29 suites. In addition, the hotel will feature an all-day dining restaurant, cocktail lounge and bar, a 7,500 square-foot ballroom, a spa, fitness center, outdoor pool, and business center. The hotel will be the first Hyatt-branded property in Colombia and will include 72 Hyatt-branded residential condominiums.

In Chile:

Hyatt Place Vitacura

Located in the Vitacura area of Santiago, Chile, the 160-room Hyatt Place Vitacura is expected to open in late 2012 and will be located close to several diplomatic missions and embassies, as well as Vitacura’s high-end retail area, the Las Leones Golf Club, the Polo Club, and the Fashion Museum.

“The introduction of Hyatt Regency Mexico City creates a significantly higher profile for Hyatt’s brands in Mexico and throughout all of Latin America,” said Mexico City based Myles McGourty, senior vice president, Hyatt of Latin America. “The addition of four of Hyatt’s hotel brands in Mexico over the next few years and our plans for further expansion throughout the region underscores our commitment to enhancing preference for our brands.”

The four previously announced Hyatt-branded hotels under development in Latin America are: Grand Hyatt Rio de Janeiro in Brazil, Andaz Papagayo and Hyatt Place San Jose Pinares in Costa Rica, and Hyatt Place Panama City in Panama.

There are currently eight full service Hyatt-branded hotels in Latin America:

• In Argentina: Palacio Duhau Park Hyatt Buenos Aires and Park Hyatt Mendoza
• In Brazil: Grand Hyatt Sao Paulo
• In Chile: Grand Hyatt Santiago
• In Mexico: Hyatt Regency Cancun, Hyatt Regency Merida, Hyatt Regency Mexico City, and Hyatt Regency Villahermosa

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 House is changing its brand identity from Hyatt Summerfield Suites®. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Vacation Club®, which is changing its name to Hyatt Residence ClubTM. As of March 31, 2012, the Company's worldwide portfolio consisted of 488 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, the number of properties we expect to open in the future and when we expect these properties to open, our expected capital expenditures, and other 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 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, 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; our ability to successfully execute and implement our organizational realignment and the costs associated with such organizational realignment; loss of key personnel, including as a result of our organizational realignment; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our 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.

Contact:

Laurie Cole
+1 312 780 5935
laurie.cole@hyatt.com

Karina Faber
+ 55 11 2838 1232
karina.faber@hyatt.com

 

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