Hyatt Hotels Corporation has entered into a master development agreement with LATAM Hotel Corp. to develop 10 Hyatt Place hotels in Central America and Mexico and that Hyatt affiliates have entered into franchise agreements with LATAM Hotel Corp. for the first five hotels: 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.
"We are delighted to be working with LATAM Hotel Corp. as we continue increasing the representation of the Hyatt Place brand throughout Latin America," said Pat McCudden, SVP, real estate and development - Latin America and Caribbean for Hyatt Hotels & Resorts. "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."
Fernando Paiz, president of LATAM Hotel Corp. said, "Hyatt Place is a top-performing brand that is rapidly expanding throughout the Americas and is becoming a favored option among travelers in the markets that it is entering. Introducing the Hyatt name and culture of hospitality to Central America through Hyatt Place hotels allows us to tap into an important business and leisure travel market. It is a brand that offers the modern style and seamless experience that is desired by both business and leisure travelers."
The first five hotels are in Nicaragua, Guatemala, El Salvador and Honduras (two properties).
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.