Chicago, IL-based Hyatt Hotels Corp.(NYSE:H) is looking to South America for new growth opportunities.
The company announced 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 developing a 408-room Grand Hyatt hotel on the site.
Grand Hyatt Rio de Janeiro will be located directly across from the beach in Barra da Tijuca and will feature two full service restaurants, a lounge/bar, pool bar, patisserie, fitness center and spa, and a 900 square meter grand ballroom, along with 1,300 square meters of additional meeting and function space.
"Grand Hyatt Rio de Janeiro will be a terrific addition to the collection of 36 spectacular Grand Hyatt hotels around the world today, and will be a strong complement to the 470-room Grand Hyatt in Sao Paulo," Myles McGourty, senior vice president, Latin America for Hyatt Hotels & Resorts, said in a news release.