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June 18, 2013

Hyatt Place forms joint venture with FSA to develop nine hotels in Brazil

Hyatt Place, a brand of Hyatt Hotels Corporation (HHC) with more than 170 locations throughout the US, has signed an agreement to form a joint venture with real estate developer FSA Group, part of Libra Group, to develop nine Hyatt Place branded hotels in Brazil for around $270m.

By admin-demo

Hyatt Place, a brand of Hyatt Hotels Corporation (HHC) with more than 170 locations throughout the US, has signed an agreement to form a joint venture with real estate developer FSA Group, part of Libra Group, to develop nine Hyatt Place branded hotels in Brazil for around $270m.

The new hotels, which will help meet the growing demand for accommodation in Brazil, will be built in important cities and towns in urban, suburban and airport locations that have established commercial and industrial infrastructure.

"We recently opened our first Hyatt Place in Latin America, in San Jose, Costa Rica in late 2012 and we will open three additional Hyatt Place hotels this year, in Mexico, Panama, and Chile."

The hotels will feature 150-200 guestrooms that will be equipped with the Hyatt Grand Bed and Cozy Corner sofa-sleeper.

The hotels will also have meeting spaces and will give guests 24/7 access to meals and amenities.

The first of the new properties is expected to open in 2016.

While FSA will manage and coordinate the development of the hotels, Hyatt will manage each of the Hyatt Place hotels.

Hyatt Hotels & Resorts Latin America and Caribbean real estate and development senior vice president Pat McCudden said the joint venture is the next phase of Hyatt’s expansion in Latin America, and the company is pleased to work with an experienced developer that can help bring the Hyatt Place brand to one of the largest countries in the world.

"Throughout Latin America, the select service segment is significantly underserved," McCudden added.

"Our US guests have embraced the Hyatt Place brand and we believe that by tailoring the design and amenities specifically for the Latin American market, the brand will be equally successful in Brazil and throughout the region.

"We recently opened our first Hyatt Place in Latin America, in San Jose, Costa Rica in late 2012 and we will open three additional Hyatt Place hotels this year, in Mexico, Panama, and Chile."

FSA Group president and CEO Raúl Gonzalez Neira said that working with Hyatt is an important part of the company’s ongoing strategy to help support a future-ready infrastructure for Brazil’s thriving economy.

"Brazil continues to enjoy strong economic growth, and these new high-quality properties aimed at business and leisure travellers will help meet this demand, while also supporting the local economy through both temporary and permanent job creation," Neira added.

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