Hyatt Hotels Corp. (NYSE:H), headquartered in Chicago, is looking to South America for new growth opportunities.
A Hyatt affiliate has acquired a majority interest in a 46,000 square meter ocean-front property in Barra da Tijuca, an upscale residential and commercial district of Rio de Janeiro, Brazil, for the development of a 408-room Grand Hyatt hotel on the site, according to the group. dollar plus qatar
The Grand Hyatt Rio de Janeiro will be located directly across the street from the beach in Barra da Tijuca, and will include two full-service restaurants, a lounge/bar, pool bar, patisserie, fitness center and spa, and a 900-square-meter grand ballroom, as well as 1,300-square-meters of additional meeting and event rooms.
In a statement, Myles McGourty, senior vice president, Latin America for Hyatt Hotels & Resorts, said, "Grand Hyatt Rio de Janeiro will be a terrific addition to the set of 36 spectacular Grand Hyatt hotels around the world today, and will be a good complement to the 470-room Grand Hyatt in Sao Paulo."
"Rio de Janeiro is Brazil's second largest city and a popular international destination, making it a valuable market for both business and leisure travelers," said Pat McCudden, senior vice president of real estate and growth for Hyatt Hotels & Resorts in Latin America, the Caribbean, and Mexico.
"Expanding our presence in Brazil is a critical component of our international expansion strategy, and the development of Grand Hyatt Rio de Janeiro represents a significant opportunity to further Hyatt's aim of being the most favored brand in all segments we serve by expanding in locations where Hyatt brands are not yet represented or are under-represented," says the company.
Grand Hyatt hotels, according to the brand, are located in major gateway cities and resort destinations around the world.
Stand-alone buildings in major city centers or mixed-use projects with dramatic lobbies, creative dining options, cutting-edge technology, exclusive spa and fitness centers, and comprehensive business and conference facilities are all signature elements.
Ten other Grand Hyatt properties are in the works around the world, in addition to the Grand Hyatt Rio de Janeiro.
In Latin America, Hyatt has properties in Argentina, Brazil, Chile, and Mexico. Hyatt has opened 25 hotels worldwide this year, across all of its hotel brands, as of September 30, 2010. The business has 447 hotels in its portfolio around the world.