Four new properties developed by Parks
Hospitality Holdings will expand Hyatt’s luxury and leisure
offerings in Mexico’s most sought-after destinations
Hyatt Hotels Corporation (NYSE: H) and Parks Hospitality
Holdings (“PHH”) have announced a highly anticipated collaboration
to expand Hyatt’s brand footprint in Mexico with the development of
four new properties across key destinations in Mexico, including
Mexico City, Los Cabos, and Cancun. The new properties are expected
to open starting 2024 and will include two Grand Hyatt hotels, a
new select-service offering near the Cancun International Airport,
and the debut of the Park Hyatt brand in Cancun.
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Grand Hyatt Los Cabos - Courtesy of
PHH
Hyatt’s collaboration with PHH reflects a strong development
pipeline driven by an unprecedented, sustained demand for leisure
and luxury travel. Hyatt and PHH are committed to thoughtful growth
in Mexico, by expanding Hyatt’s legacy brands and offering highly
personalized service, distinct food and beverage experiences, and
versatile, elevated meeting and event spaces in key destinations to
serve leisure and business travelers alike.
“Our intentional growth strategy for our portfolio in Mexico is
driven by strong relationships with owners like Parks Hospitality
Holdings who are helping expand Hyatt’s brand footprint across
markets that matter most to our guests, World of Hyatt members and
customers,” said Camilo Bolaños, senior vice president of
development, Latin America & the Caribbean, Hyatt. “Hyatt
occupies a unique position in the marketplace, and we believe we
are optimally positioned because of our size, scale and portfolio –
we are agile enough to create personal relationships, draw on our
own experiences and lead with empathy, which allows us to deliver
the world-class hospitality for which Hyatt is known.”
Parks Hospitality Holdings Investment in Prominent Markets
with Multi-Deal Collaboration:
- Park Hyatt Cancun: Slated to open in 2025, this
sophisticated resort will offer beachfront access, immersive and
rare culinary experiences, bars and lounges, and more than 3,000
square feet of meeting space including a 2,000-square-foot
ballroom. Guests will quickly identify the resort as their
home-away-from-home with the hotel’s focus on world-renowned
architecture and design, vibrant artwork, highly personalized
service, and understated luxury with Cancun’s pristine beaches as
an unmatched backdrop.
- Grand Hyatt Mexico Santa Fe: Slated to open in 2025,
this 287-room hotel will be the first urban Grand Hyatt property in
Mexico and the second Grand Hyatt hotel in the region. It will
offer 360-degree views of the city, more than 10,000 square feet of
meeting and event space and be an integral part of the mixed-use
project Distrito Santa Fe.
- Grand Hyatt Los Cabos: Slated to open in 2026 and
situated within the OLEADA Pacific Living & Golf private resort
community, this immersive property will offer 1,200 acres of bold
luxury just 15 minutes west of Cabo San Lucas and 30 minutes from
Los Cabos International Airport. The 300-room hotel designed by SB
Architects will feature a world-class 18-hole golf course designed
by Golf Hall of Famer, Ernie Els, and multiple restaurants and bars
serving signature cocktails and exceptional cuisine. The luxury
OLEADA resort community will span nearly a mile offering
world-class resort and residential options, a garden where fresh
herbs, fruits and vegetables are grown, nature trails for hiking
and cycling and much more.
- Hyatt Place Cancun Airport: Slated to open in late 2026
and conveniently located less than 10 minutes away from Cancun
International Airport, this 156-room property will offer a new
select-service option for leisure and business travelers, featuring
contemporary design, spacious areas, and 24/7 conveniences.
"We are honored to expand our relationship with Hyatt and
introduce these exceptional hotels to Mexico. As a world-class
tourism destination with a vibrant culture, breathtaking natural
beauty, and renowned cuisine, we are proud to contribute to the
country's growth,” said Charles El Mann Fasja, CEO of Parks
Hospitality Holdings. “At PHH, we are committed to develop hotels
that combine modern design with a nod to our rich heritage, while
also supporting local communities. By emphasizing sustainability
and showcasing Mexican craftsmanship, we are raising the bar for
hospitality in the region."
For more information about Hyatt hotels, please visit
hyatt.com.
The term “Hyatt” is used in this release for convenience to
refer to Hyatt Hotels Corporation and/or one or more of its
affiliates.
About Hyatt Hotels
Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company guided by its purpose – to care for
people so they can be their best. As of September 30, 2023, the
Company’s portfolio included more than 1,300 hotels and
all-inclusive properties in 76 countries across six continents. The
Company's offering includes brands in the Timeless Collection,
including Park Hyatt®, Grand Hyatt®, Hyatt
Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt
Place®, Hyatt House®, Hyatt Studios, and
UrCove; the Boundless Collection, including Miraval®,
Alila®, Andaz®, Thompson Hotels®, Dream®
Hotels, Hyatt Centric®, and Caption by Hyatt®;
the Independent Collection, including The Unbound Collection by
Hyatt®, Destination by Hyatt®, and JdV by Hyatt®;
and the Inclusive Collection, including Impression by
Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry®
Wellness & Spa Resorts, Secrets® Resorts & Spas,
Breathless Resorts & Spas®, Dreams® Resorts &
Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels
& Resorts®, and Sunscape® Resorts & Spas.
Subsidiaries of the Company operate the World of Hyatt® loyalty
program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation
Club®, Amstar DMC destination management services, and Trisept
Solutions® technology services. For more information, please visit
www.hyatt.com.
About Parks Hospitality
Holdings
Parks Hospitality Holdings (“PHH”), was established in 2006 as a
division of Parks Holdings with the aim of developing,
constructing, acquiring, and operating hotels primarily in the
thriving tourism markets of Mexico.
Over the years, PHH has made significant strides in the industry
and has contributed to the growth of the tourism sector in Mexico.
The company has been involved in the development of over 12,000
hotel rooms, with +3,000 of them located in resorts and +2,000 in
full-service hotels. Currently, PHH operates over 8,000 hotel
rooms, including select-service hotels.
PHH has made it a priority to develop best-in-class resorts in
popular Mexican destinations such as Cancun, Riviera Maya, Cabos
and Puerto Vallarta. The company's focus on these areas has enabled
it to gain a deep understanding of the local market and provide
exceptional experiences for guests. In addition to resort
development, PHH has also been active in the acquisition of hotels
in the United States.
PHH is committed to delivering outstanding service and creating
unique experiences for its guests. The team is dedicated to
providing quality accommodations that showcase the rich heritage of
Mexico while supporting local communities. This is accomplished
through sustainable building practices and the use of Mexican
craftsmanship in the design of the hotels.
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not
historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Our actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements. In
some cases, you can identify forward-looking statements by the use
of words such as “may,” “could,” “expect,” “intend,” “plan,”
“seek,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “likely,” “will,” “would” and variations
of these terms and similar expressions, or the negative of these
terms or similar expressions. Such forward-looking statements are
necessarily based upon estimates and assumptions that, while
considered reasonable by us and our management, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to, general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic
growth; the rate and the pace of economic recovery following
economic downturns; global supply chain constraints and
interruptions, rising costs of construction-related labor and
materials, and increases in costs due to inflation or other factors
that may not be fully offset by increases in revenues in our
business; risks affecting the luxury, resort, and all-inclusive
lodging segments; levels of spending in business, leisure, and
group segments, as well as consumer confidence; declines in
occupancy and average daily rate; limited visibility with respect
to future bookings; loss of key personnel; domestic and
international political and geo-political conditions, including
political or civil unrest or changes in trade policy; hostilities,
or fear of hostilities, including future terrorist attacks, that
affect travel; travel-related accidents; natural or man-made
disasters, weather and climate-related events, such as earthquakes,
tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil
spills, nuclear incidents, and global outbreaks of pandemics or
contagious diseases, or fear of such outbreaks; the pace and
consistency of recovery following the COVID-19 pandemic and the
long-term effects of the pandemic, additional resurgence, or
COVID-19 variants, including with respect to global and regional
economic activity, travel limitations or bans, the demand for
travel, transient and group business, and levels of consumer
confidence; the ability of third-party owners, franchisees, or
hospitality venture partners to successfully navigate the impacts
of the COVID-19 pandemic, any additional resurgence, or COVID-19
variants or other pandemics, epidemics or other health crises; our
ability to successfully achieve certain levels of operating profits
at hotels that have performance tests or guarantees in favor of our
third-party owners; the impact of hotel renovations and
redevelopments; risks associated with our capital allocation plans,
share repurchase program, and dividend payments, including a
reduction in, or elimination or suspension of, repurchase activity
or dividend payments; the seasonal and cyclical nature of the real
estate and hospitality businesses; changes in distribution
arrangements, such as through internet travel intermediaries;
changes in the tastes and preferences of our customers;
relationships with colleagues and labor unions and changes in labor
laws; the financial condition of, and our relationships with,
third-party property owners, franchisees, and hospitality venture
partners; the possible inability of third-party owners,
franchisees, or development partners to access the capital
necessary to fund current operations or implement our plans for
growth; risks associated with potential acquisitions and
dispositions and our ability to successfully integrate completed
acquisitions with existing operations, including with respect to
our acquisition of Apple Leisure Group and Dream Hotel Group and
the successful integration of each business; failure to
successfully complete proposed transactions (including the failure
to satisfy closing conditions or obtain required approvals); our
ability to successfully execute on our strategy to expand our
management and franchising business while at the same time reducing
our real estate asset base within targeted timeframes and at
expected values; declines in the value of our real estate assets;
unforeseen terminations of our management or franchise agreements;
changes in federal, state, local, or foreign tax law; increases in
interest rates, wages, and other operating costs; foreign exchange
rate fluctuations or currency restructurings; risks associated with
the introduction of new brand concepts, including lack of
acceptance of new brands or innovation; general volatility of the
capital markets and our ability to access such markets; changes in
the competitive environment in our industry, including as a result
of the COVID-19 pandemic, industry consolidation, and the markets
where we operate; our ability to successfully grow the World of
Hyatt loyalty program and Unlimited Vacation Club paid membership
program; cyber incidents and information technology failures;
outcomes of legal or administrative proceedings; and violations of
regulations or laws related to our franchising business and
licensing businesses and our international operations;; and other
risks discussed in the Company’s filings with the U.S. Securities
and Exchange Commission (“SEC”), including our annual report on
Form 10-K and our Quarterly Reports on Form 10-Q, which filings are
available from the SEC. These factors are not necessarily all of
the important factors that could cause our actual results,
performance or achievements to differ materially from those
expressed in or implied by any of our forward-looking statements.
We caution you not to place undue reliance on any forward-looking
statements, which are made only as of the date of this press
release. We undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable law. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
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Bianca Flores Hyatt bianca.flores@hyatt.com
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