CHICAGO (January 12, 2010) – Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has signed an agreement with Hotelera Pinares, S. A., a subsidiary of Strategic Hospitality Investments Corporation, to manage Hyatt Place San Jose Pinares, a Hyatt Place hotel in San Jose, Costa Rica.
The new property, the second Hyatt Place under development in Latin America, will be part of Momentum Pinares, a mixed use commercial complex being developed on the east side of Costa Rica’s capital that will include an approximately 97,000 square foot office tower, a 48,000 square foot medical building, a movie theatre, and shopping mall with 75,000 square feet of retail space.
A Hyatt affiliate will manage the 120-room Hyatt Place, which is expected to open in mid-2012. It will be the first internationally branded hotel in the vibrant east side of San Jose.
“Hyatt is actively looking to grow its Hyatt Place brand throughout Latin America and we are excited to be working with Strategic Hospitality Investments Corporation on our first Hyatt Place project in Central America” says Pat McCudden, Hyatt Hotels & Resorts’ Senior Vice President of Development for Latin America and the Caribbean.
Hyatt Place hotels are under development in the U.S., India, and Panama. Hyatt’s current Latin America portfolio includes hotels in Argentina, Brazil, Chile, and Mexico.
Momentum Pinares is being developed through a joint venture with Desarrolladores 506, a company with over 30 years of experience in urban design and construction in Costa Rica.
Strategic Hospitality Investments Corporation is part of the hotel division managed by GrupoCuestamoras, which is engaged in the development of a hotel portfolio in Costa Rica and other countries in Latin America. Strategic Hospitality Investments Corporation has engaged Sinergo Development Group to develop its hotel portfolio. Sinergo Development Group has over 20 years of experience in the hotel development and asset management business.
GrupoCuestamoras is a corporate asset manager in multiple sectors and a professional investment and business management company, conducting business through alliances with diligently selected partners. The company develops and undertakes ventures in which its experience, knowledge and tradition add strategic value.
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About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family in 45 countries strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company’s subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt Summerfield Suites® brand names and have locations under development on five continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops and operates vacation ownership properties under the Hyatt Vacation Club® brand. As of September 30, 2010, the Company’s worldwide portfolio consisted of 447 properties. For more information, please visit www.hyatt.com.
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