Hyatt Place to Debut in Brazil
Tuesday June 18th, 2013 - 11:50AM BOZ
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CHICAGO—Hyatt Hotels Corporation has formed a joint venture between a Hyatt affiliate and FSA Group S.A. (FSA) to develop and own nine Hyatt Place-branded hotels in Brazil.
The investment from Hyatt and FSA is anticipated to total approximately $270 million.
The hotels will be situated in key urban areas with established commercial and industrial infrastructure to meet the growing demand in Brazil for quality accommodation.
The first of these new properties is expected to open in 2016. They will feature between 150 and 200 rooms.
FSA will manage and coordinate the development of the properties. Design and construction teams have been deployed in Brazil to handle project management aspects. Hyatt will manage the hotels.
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For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.