Hyatt Announces Acquisition of Premier Mexico City Hotel in Polanco
Nearly 30 years after the opening of the first Hyatt hotel in Mexico, Hyatt Hotels Corporation(NYSE: H) announced today that a Hyatt affiliate intends to acquire the 756-room Hotel Nikko Mexico for approximately US$190 million from Japan-Mexico Hotel Investment Co., Ltd. The transaction is scheduled to close in May and, upon closing, the hotel will be rebranded as Hyatt Regency Mexico City. Hyatt will invest approximately US$40 million in a three-year renovation to strengthen the hotel"s competitive position as the preferred business and leisure hotel in Mexico City. With the hotel"s acquisition and rebranding, the Hyatt Regency brand will establish a strong presence in Mexico City with a leading business and leisure hotel located in Polanco, Mexico City"s most desirable area.