Hyatt Announces Plans for Hyatt Place and Hyatt House Hotels in Latin America
Hyatt Place and Hyatt House Panama City Costa del Este are expected to open in 2015
Hyatt Hotels Corporation (NYSE: H) announces that a Hyatt affiliate and affiliates of the Malca family have formed a joint venture to develop and own two hotels in the master planned community of Costa del Este in Panama City, Panama that will be branded as a Hyatt Place and Hyatt House.
"Hyatt House Panama City Costa del Este will be the first Hyatt House project in Latin America and we believe that there is significant potential to grow this extended stay brand throughout the region," said Pat McCudden, Senior Vice President, Real Estate And Development – Latin America and Caribbean for Hyatt. "We also believe that the Hyatt Place brand will serve the increasing demand that is generated by the commercial growth occurring in Costa del Este, Panama City's premier location for new office and commercial development. Following the successful collaboration with the Malca family on Hyatt Place Panama City, we are delighted to be working with them on the second project in Panama.
"We believe in both the Hyatt House and Hyatt Place brands, and think the hotels will complement the planned commercial component and will have strong appeal in Costa del Este due to its proximity to the airport, the canal and the downtown area," said Jose Rogelio Arias, Senior Vice President of Hospitality and Real Estate for Immobiliare Real Estate Development Group, the Malca family's development company. "Panama's economy continues to experience growth and the anticipated expansion and operation of the Panama Canal could result in strong business demand for the next decade."
"Costa del Este continues to experience economic growth as both international and domestic companies relocate and expand there from downtown Panama City as well as from other locations within Latin America," said Joseph Malca, CEO of Malca & Co. Ltd. "The Hyatt Place and Hyatt House hotels are strategically located on Costa Del Este's main boulevard and adjacent to the 80-acre Felipe Motta Park. We are proud to form our second joint venture with Hyatt and feel very optimistic about Hyatt's growth in Panama. We are excited to bring Hyatt's world-class hospitality to Panama with both the Hyatt Place and Hyatt House brands."
Hyatt's hotel pipeline is larger than it has ever been, and as of December 31, 2012, it included executed management or franchise contracts for approximately 200 hotels across all brands in all of the regions in which Hyatt hotels operate. For more information, please visit www.hyattdevelopment.com.
About Immobiliare Real Estate Development Group | Immobiliare Real Estate Development Group is the Malca family's development company. Since 1970, Saul Malca, founder of Immobiliare, more recently together with son Joseph Malca, has helped build the skyline of Panama and has had the fortitude to complete several important residential commercial and hospitality Real Estate developments in the Isthmus of Panama. For more information on Immobiliare visit www.immobiliare.com.pa.
About Hyatt Place | Hyatt Place combines style and innovation to create a casual simple hotel experience for today's multi-tasking traveler. Modern spacious guestrooms feature a Cozy Corner sofa sleeper, the Hyatt Grand Bed and 42" HDTV with plug and play capability. Guests stay connected with free Wi-Fi and enjoy the A.M. Kitchen Skillet, a complimentary hot breakfast. Hyatt Place hotels also feature the new Gallery Menu, Fresh 24/7, specialty coffees, premium beer, wine and spirits. Properties typically have 125 to 200 rooms and are located in urban, airport and suburban areas. Hyatt Place caters to business travelers as well as leisure guests and families. Hyatt Place properties are also well suited to serve small meetings and events.
About Hyatt House | Hyatt House was designed to provide a residential atmosphere with spaces and services to keep routines rolling while guests are away from home. Residentially inspired studio, one- and two- bedroom suites feature contemporary full kitchens and separate living and sleeping areas with flat panel HDTVs. Guests stay connected with free Wi-Fi and enjoy the complimentary hot breakfast and Evening Social, a social hour, Monday through Thursday. Some locations feature an H BAR with a Sip+Savor Menu and full bar. The all-suite properties typically have 125 to 200 rooms and are located in urban, airport and suburban areas. Hyatt House caters to extended stay business and leisure travelers as well as families. Hyatt House properties are also well suited to serve small meetings and events.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 12 premier brands and 679 properties in 54 countries, as of September 30, 2016. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to create value for shareholders, build relationships with guests and attract the best colleagues in the industry. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including under the Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Andaz®, Hyatt Centric®, The Unbound Collection by Hyatt™, Hyatt Place®, Hyatt House®, Hyatt Ziva™, Hyatt Zilara™ and Hyatt Residence Club® brand names and have locations on six continents. For more information, please visit www.hyatt.com.