Hyatt to expand its portfolio in Latin America
Hyatt Hotel Corporation has placed its confidence in the Latin American market, signing a joint venture with LATAM Hotel Corp that will see the launch of ten Hyatt Place hotels in key destinations like Mexico, Nicaragua and Guatemala. This deal is the latest in a series of investments by the Hyatt in the region since 2012.
Hyatt Hotels Corporation is making a big push in the Latin American market. Its latest joint venture agreement with LATAM Hotel Corp. will pave the way for ten Hyatt Place hotels to be launched in Central and South America.
Already present in Costa Rica, Puerto Rico and Mexico, the US hotel firm is well on its way to becoming the leading hotel for the region. In the released statement the president of LATAM Hotel Corp, Fernando Paiz, gave Hyatt a glowing recommendation stating:
"Hyatt Place is a top-performing brand that is rapidly expanding throughout the Americas and is becoming a favored option among travelers in the markets that it is entering... t is a brand that offers the modern style and seamless experience that is desired by both business and leisure travelers".
At the time of the announcement, a statement from Hyatt explained that LATAM Hotel Corp. and Hyatt affiliates had already entered into franchise agreements for the first five hotels and unsurprisingly, these hotels are in some of the region's up and coming holiday destinations.
The first five hotels are as follows: the Hyatt Place Managua in Nicaragua, Hyatt Place Guatemala City in Guatemala, Hyatt Place San Salvador in Elskokesjlje Salvador, Hyatt Place San Pedro Sula and Hyatt Place Tegucigalpa in Honduras. The Hyatt's Pat McCudden explained:
"We believe Central America has strong economic growth potential, and we are excited to see these five hotels become the first Hyatt-branded hotels in their respective countries".
The Hyatt's first foray into the Latin American market was back in 2012, with the launch of the Hyatt Place San Jose - Pinares in San Jose, Costa Rica- the first ever Hyatt Place hotel outside of the US. That first development in 2012 has since sparked an investment frenzy in the region from the hotel group.
Subsequent investments were made in Puerto Rico, Mexico and Brazil where a development agreement was signed for nine new hotels. With this latest deal, in addition to the five aforementioned hotels, a further five will be launched in destinations like Chile, Panama and Mexico.
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