Yahoo Finance Hyatt Hotels (H) Boosts Presence With Two New Orleans Hotels
Hyatt Hotels Corporation H expands its brand presence in New Orleans with the addition of Maison Métier and The Barnett to its portfolio as affiliated hotels. Owned by The Domain Companies and managed by HRI Hospitality, these properties will join Hyatt’s Independent Collection and are expected to participate in the World of Hyatt loyalty program this year.
The company's Independent Collection brands feature unique properties, each offering distinctive brands and experiences. These range from storied hotels and vibrant neighborhood locales to immersive retreats. Each property enhances the modern traveler's experience in a unique and exciting way. Hyatt's growth is driven by the leisure and lifestyle segment. This expansion in the New Orleans market highlights its commitment to strategic growth in key destinations for Hyatt guests and World of Hyatt members.
Situated on Carondelet Street, just one block from New Orleans’ Lafayette Square, these two properties will soon offer unique guest experiences, stylish accommodations and bold food and beverage options.
Maison Métier, formerly Maison de la Luz, is a Parisian luxury guesthouse with 67 lavish rooms. It blends historic architecture with modern design and is expected to join The Unbound Collection by Hyatt in 2024. The hotel's salon-style bar, formerly known as Bar Marilou, continues its partnership with Paris-based Quixotic Projects, offering culinary delights and creative cocktails.
The Barnett, formerly Ace Hotel New Orleans, honors its history as Barnett’s Furniture Store. It features Art Deco and French Modernism influences and is expected to join JdV by Hyatt in 2024. Located in the Warehouse District, it offers a live music venue and revamped culinary spaces. These include the former mainstay Italian restaurant Josephine Estelle, rooftop and pool bar Alto and music venue Three Keys. The Seaworthy restaurant will remain under the same brand and culinary leadership.
Focus on Expansion Bodes Well
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, boosting business.
During the first quarter of 2024, Hyatt added 12 new hotels (or 2,425 rooms) to its portfolio. Notable openings included Thompson Houston, Secrets Tides Punta Cana, Secrets Playa Blanca Costa Mujeres, five UrCove properties in China, and Hyatt Regency Nairobi Westlands, which marked the company’s first hotel in Kenya. As of Mar 31, 2024, it had a pipeline of executed management or franchise contracts for approximately 670 hotels (or about 129,000 rooms). The company anticipates net room growth in the range of 5.5-6% year over year in 2024.
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Shares of the company have gained 15.1% in the past six months compared with the Zacks Hotels and Motels industry’s 10.9% growth. The company is benefiting from the consistent focus on an asset-light model initiative and footprint expansion plans in new and existing markets accompanied by strategic partnerships.
Zacks Rank & Key Picks
Hyatt Hotels currently carries a Zacks Rank #3 (Hold).
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