Expansion of Hyatt-Branded Hotels in Latin America Continues with the Opening of First Hyatt Place Outside of the U.S.
Expansion of Hyatt-Branded Hotels in Latin America Continues with the Opening of First Hyatt Place Outside of the U.S. Hyatt Place San Jose/Pinares is the first of many select service hotels to open across Latin America Business Wire CHICAGO -- November 12, 2012 Hyatt Hotels Corporation (NYSE: H) today announced the opening of Hyatt Place San Jose/Pinares, the first Hyatt-branded hotel in Costa Rica and the first Hyatt Place hotel outside of the United States. In addition to Hyatt Place San Jose/Pinares, 13 previously announced hotels will open across Hyatt’s portfolio of brands in Latin America. When these properties open, there will be a total of 22 Hyatt-branded hotels in Latin America. “Latin America is a key emerging market and one where we believe our brands, especially our select service offerings, have tremendous potential,” said Stephen Haggerty, global head of real estate and capital strategy, Hyatt Hotels Corporation. “Thanks to accelerating economic development and an increase in business travel, we believe our select service brands will be successful in multiple countries throughout the region, and we are confident Hyatt Place will be as well received in Latin America as it has been in the United States.” With the opening of Hyatt Place San Jose/Pinares, there are now nine Hyatt-branded hotels in Latin America currently under the Park Hyatt, Grand Hyatt, Hyatt Regency and Hyatt Place brands in Argentina, Brazil, Chile, Costa Rica and Mexico. Additional hotels are under development in Brazil, Chile, Colombia, Costa Rica, Mexico, Panama, and Uruguay, including four Hyatt Place properties. Hyatt Place San Jose/Pinares introduces the Hyatt Place brand to Latin America. Hyatt Place, launched in 2006, offers upscale select service features inspired by multitasking travelers' 24/7 lifestyle, a stylish design and practical amenities with forward-thinking technology. Hyatt Place hotels expected to open in Latin America in 2013 include Hyatt Place Santiago/Vitacura in Chile, Hyatt Place Panama City/Downtown in Panama, and Hyatt Place San Jose del Cabo in Mexico. Hyatt Place Tijuana in Mexico is expected to open in 2014. The 120-room Hyatt Place San Jose/Pinares is part of Momentum Pinares, a mixed use commercial complex on the east side of Costa Rica’s capital that includes an approximately 97,000 square foot office tower, a 48,000 square foot medical building, a theater, and shopping mall with 75,000 square feet of retail space. “Introducing our select service brands to Latin America will bring Hyatt’s authentic hospitality to an audience who has never stayed with us before,” said Myles McGourty, senior vice president, Hyatt of Latin America. “The proximity of Hyatt Place San Jose/Pinares to universities, leisure destinations and multinational corporations will allow us to showcase the brand’s flexible nature and the amenities that have been so successful in creating a new category of hotel in the U.S.” A Look at Hyatt’s Global Growth Hyatt’s hotel pipeline is larger than it has ever been, with more than 175 properties in development (or more than 39,000 rooms) across all brands. The executed contracts represent potential entry into several new countries – approximately 75 percent of future expansion is expected to be outside of North America – and expansion into many new markets or markets in which Hyatt is under-represented. “We are strategically placing our brands in locations and markets that will further our leadership in the industry,” said Haggerty. “This is an exciting time for Hyatt and our growing global footprint demonstrates increasing confidence among owners and developers in the strength of the Hyatt brand.” About Hyatt Place Launched in 2006, Hyatt Place 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 combines stylish design and practical amenities with forward-thinking technology and purposeful service. Spacious guestrooms feature multiple areas to work and relax, and include the Cozy Corner, an eight-foot sectional sofa sleeper; plush Hyatt Grand Bed; and ergonomic work center. For more information, please visit www.hyattplace.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, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt House^TM brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences^TM and Hyatt Residence Club^TM. As of September 30, 2012, the Company's worldwide portfolio consisted of 496 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, occupancy and ADR trends, market share, the number of properties we expect to open in the future, our expected adjusted SG&A expense, capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or 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. 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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: Hyatt Hotels Corporation Amy Patti, +1 312 780 5620 firstname.lastname@example.org