Hyatt Hotels Corporation has signed an agreement with Immobiliare Real Estate Development to develop the first Hyatt-branded hotel in Panama.
The 167-room Hyatt Place Panama City, which is expected to open in 2012, is the first of the three hotels planned by the joint venture.
The joint venture will also begin construction of a second Hyatt Place in Costa del Este next year.
Hyatt Hotels Corporation is a global hospitality company that develops hotels and resorts under brands such as Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency and Hyatt Place.
Immobiliare is a real estate development company.