Hyatt begins its Central America push

Back in April, Hyatt Hotels Corp. laid down the foundation for its plan to grow its select-service Hyatt Place brand in Central America. It then entered into a master development agreement with LATAM Hotel Corp. to develop 10 Hyatt Place hotels in the region, the first five being: Hyatt Place Managua in Nicaragua, Hyatt Place Guatemala City in Guatemala, Hyatt Place San Salvador in El Salvador, and Hyatt Place San Pedro Sula and Hyatt Place Tegucigalpa in Honduras.

Today, the plan for the Hyatt Place San Salvador development was detailed. The $36-million project will rise in a shopping center in Antiguo Cuscatlan, a suburb of El Salvador's capital, reports say.

The hotel should open in the first half of 2016.

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The 140-room hotel will offer features "such as sustainability, energy efficiency, comfort and multiple services for customers, and its design will be innovative," said Salvadoran Export and Investment Promotion Agency Director William Granadino.

Hyatt currently operates 483 hotels in 45 countries and plans to build hotels in Guatemala, Nicaragua and Honduras, the agency added.

Back in April, Pat McCudden, SVP, real estate and development - Latin America and Caribbean for Hyatt Hotels & Resorts, said, "We believe Central America has strong economic growth potential, and we are excited to see these five hotels become the first Hyatt-branded hotels in their respective countries."

In 2012, Hyatt introduced the Hyatt Place brand to Latin America with the opening of Hyatt Place San Jose/Pinares in Costa Rica, making it the first Hyatt Place hotel outside of the United States. The following year in 2013, a Hyatt affiliate entered into a master development agreement for nine Hyatt Place branded hotels in Brazil. Also in 2013, Hyatt Place Bayamon in Puerto Rico and Hyatt Place Los Cabos in Mexico opened.

This year, the Hyatt Place brand continued its expansion in the region with the opening of Hyatt Place Manatí in Puerto Rico in March. Additionally, previously announced hotels that are scheduled to open in 2014 include Hyatt Place Santiago/Vitacura in Chile, Hyatt Place Panama City in Panama, and Hyatt Place La Paz and Hyatt Place Ciudad del Carmen in Mexico.

Over the past few years, Central America has become a target for hotel developers and brands alike. This was in part due to low supply and Central America making a concerted effort to invest in tourism.

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