Hyatt Hotels Corporation (NYSE: H) today announced the execution of an agreement to form a joint venture between a Hyatt affiliate and FSA Group S.A. (FSA), a Libra Group company, to develop and own nine Hyatt Place-branded hotels in Brazil. The total investment from Hyatt and FSA for the development of these hotels is expected to be approximately US $270 million.
The hotels will be located in key cities and towns that have established commercial and industrial infrastructure and will help meet the growing demand for quality accommodation across Brazil. It is anticipated that the first of these new properties will open in 2016.
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."
"Working with Hyatt is an important component of our ongoing strategy to help support a future-ready infrastructure for Brazil's thriving economy," said Raúl Gonzalez Neira, President and Chief Executive of FSA Group. "Brazil continues to enjoy strong economic growth, and these new high-quality properties aimed at business and leisure travelers will help meet this demand, while also supporting the local economy through both temporary and permanent job creation.
Together with Hyatt, with whom we enjoy a long-standing and fruitful relationship, we are looking forward to this latest collaboration."
FSA Group will manage and coordinate the development of the nine Hyatt Place hotels, and have deployed design and construction teams in Brazil to handle all aspects of project management. Hyatt will manage each of the Hyatt Place hotels.
The hotels, which will range from 150 to 200 rooms, will be located in urban, suburban and airport locations. Each hotel will offer spacious guestrooms featuring the Hyatt Grand Bed® and Cozy Corner sofa-sleeper, meeting space and 24/7 access to meals and amenities. Hyatt Place was ranked #1 Select-Service Brand by Business Travel News in the 2012 Hotel Chain Survey.
About Hyatt Place
Launched in 2006, Hyatt Place brings to the upscale select-service hotel category the authentic hospitality for which Hyatt is known. Inspired by multitasking travelers' 24/7 lifestyle, Hyatt Place combines stylish design and practical amenities with forward-thinking technology and purposeful service. Hyatt Place hotels feature complimentary Wi-Fi access and remote printing, a 24-hour StayFit@Hyatt fitness center, a coffee and wine bar serving specialty coffees and premium wine, beer and spirits, complimentary breakfast, and other food and beverage options available for purchase throughout the day. The new Gallery Menu, Fresh 24/7 offers entrées and appetizers around the clock. Specially trained Gallery Hosts offer assistance with everything from directions to check-in to a freshly made meal.
Spacious guestrooms are designed to help guests perfectly blend their lifestyle of work and play, featuring the Hyatt Grand Bed®, Cozy Corner sofa sectional, work center, 42-inch HDTV and the Hyatt Plug Panel media center.
Hyatt Place, a brand of Hyatt Hotels Corporation, offers more than 170 locations throughout the United States, as well as locations in Costa Rica and India. For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit