Yahoo Finance Hyatt (H) to Expand Footprint in Puerto Rico With New Hotel
Hyatt Hotels Corporation H announced the upcoming debut of its reportable brand, Hyatt Centric, in Puerto Rico, in partnership with Interlink and Vivo Beach Club.
The former Verdanza Hotel is currently undergoing a $25 million-dollar worth enhancement, which is inspired by Puerto Rico’s enchanted landscape including the amalgamation of the island’s captivating land and sea elements. The refurbished property will join the Hyatt portfolio under the name Hyatt Centric San Juan Isla Verde and is expected to open in 2025.
Takeaways From the New Property
The 223-guestroom hotel houses a communal space highlighted by a signature restaurant & bar, an open-air beer garden, a coffee shop, a resort-style pool deck surrounded by tropical landscape and a locally inspired restaurant and pool bar. Also, it will offer a 16,000 sq. ft. modern fitness center.
Furthermore, the guests of the new hotel will enjoy complimentary access to the prime facilities of the Vivo Beach Club. With the Isla Verde Beach being nearby, the hotel under the Hyatt Centric brand is likely to thrive in the current market after the successful launches of the preceding five Hyatt-branded hotels.
The Hyatt Centric San Juan Isla Verde will be managed by the hotel management firm, Highgate Hotels.
Hyatt on an Expansion Spree
Hyatt is consistently trying to expand its presence worldwide and has further expansion plans in Asia-Pacific, Europe, Africa, the Middle East and Latin America. Expansion in these markets would help the company gain market share in the hospitality industry, thus boosting business.
During the first quarter of 2024, 12 new hotels (or 2,425 rooms) joined Hyatt's system, thus taking the total hotel count to 1,341 hotels (or 323,405 rooms). Notable openings during the quarter include Thompson Houston, Secrets Tides Punta Cana, Secrets Playa Blanca, Costa Mujeres and multiple UrCove properties in China accompanied by Hyatt Regency Nairobi Westlands, its first hotel in Kenya.
As of Mar 31, 2024, Hyatt had a pipeline of executed management or franchise contracts for approximately 670 hotels (or about 129,000 rooms). The company seems optimistic about enhancing its network by expanding its diversified offerings into new markets and across more price points for its guests and customers.
On the digital front, as of the first quarter, Hyatt boasted more than 700 Mr & Mrs Smith boutique and luxury hotels and villas across the globe through its channels, which include World of Hyatt. The company expects to have approximately 1,000 Mr & Mrs Smith properties available through Hyatt’s channels and World of Hyatt by the end of 2024.
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Shares of this current Zacks Rank #3 (Hold) company grew 14.6% in the year-to-date period, outperforming the Zacks Hotels and Motels industry’s 9.2% growth.
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