An affiliate of US-based hospitality company Hyatt Hotels has formed a joint venture entity with investment firm FSA Group for the development and management of a new Hyatt Place hotel in São José do Rio Preto, Brazil.

The joint venture firm has acquired a site in the region for the project, which represents the first hotel to be built under the master development agreement between the companies.

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Hyatt Place São José do Rio Preto, which is scheduled to complete in mid-2016, will be located 440km north-west of São Paulo and will be the first Hyatt Place branded property in Brazil.

Hyatt Hotels & Resorts Latin America and Caribbean real estate and development senior vice president Pat McCudden said that Hyatt Place São José do Rio Preto is a critical step forward in the group’s Brazilian and Latin American growth strategy for Hyatt Place.

"We believe the Hyatt Place brand will have a very strong appeal to Brazilian business and leisure travellers with its high quality accommodations and contemporary style and amenities," McCudden added.

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"We believe the Hyatt Place brand will have a very strong appeal to Brazilian business and leisure travellers with its high quality accommodations and contemporary style and amenities."

The 150-room hotel will include an outdoor pool, a lobby lounge and restaurant, a fitness centre, and around 400m² of flexible meeting space.

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According to the company, the new hotel will be located adjacent to Iguatemi Shopping and offer easy access to the area’s hospitals and clinics.

FSA Group chief executive Alejandro Reyser said: "Hyatt Place São José do Rio Preto is wonderfully positioned to maximise the economic vitality of the area, its location within the state of São Paulo and the city’s reputation as a commercial and healthcare destination."

Currently, Hyatt operates a 466-room Grand Hyatt São Paulo luxury hotel in Brazil and is building the new Grand Hyatt Rio de Janeiro hotel, which is scheduled to open in late 2015 in Rio de Janeiro’s Barra da Tijuca borough region.