Monday April 28th, 2014 - 7:45AM
SAO PAULO, BRAZIL—An affiliate for Hyatt Hotels Corporation and FSA Group S.A., a Libra Group company, have formed a joint venture entity to complete the acquisition of a site in São José do Rio Preto, Brazil. The joint venture has also entered into agreements to develop a Hyatt Place hotel and with Hyatt affiliates to provide management services in connection with the operation of the hotel.
This is the first hotel to be announced under the landmark master development agreement between a Hyatt affiliate and FSA Group for nine Hyatt Place hotels throughout Brazil. Once completed in mid 2016, Hyatt Place São José do Rio Preto will be the first hotel under the Hyatt Place brand to open in Brazil.
Hyatt Place São José do Rio Preto will be located in the state of São Paulo, approximately 273 miles northwest of the city of São Paulo. The 150-room hotel will feature an outdoor pool, a lobby lounge and restaurant, a fitness center, and approximately 4,306 sq. ft. of flexible meeting space. The hotel will be conveniently located adjacent to Iguatemi Shopping and within easy access to the area’s hospitals and clinics.
Hyatt Place São José do Rio Preto will be an integral component of a mixed-use project known as Iguatemi Shopping, which is currently under development by Iguatemi Empressa de Shopping Centers S.A., one of Brazil’s largest retail developers.
“We are delighted to be working with FSA Group on the first Hyatt Place hotel in Brazil. Hyatt Place São José do Rio Preto is a critical step forward in our Brazilian and Latin American growth strategy for Hyatt Place,” stated Pat McCudden, SVP of real estate and development, Latin America & Caribbean, Hyatt Hotels & Resorts. “Hyatt Place hotels recently opened in Mexico, Costa Rica and Puerto Rico and are seeing strong acceptance of the brand by loyal Hyatt guests, as well as newcomers to our brand.”
Hyatt is currently represented in Brazil by Grand Hyatt São Paulo, a 466-room full-service, luxury hotel. Currently under construction is Grand Hyatt Rio de Janeiro, which is scheduled to open in late 2015 in Rio de Janeiro’s Barra da Tijuca borough. Hyatt Place São José do Rio Preto will be the third Hyatt-branded hotel in the country.