Hyatt, LATAM JV to Develop 10 Hotels in Central America, Mexico
- Apr 29, 2014
An affiliate of Hyatt Hotels Corp. has entered into a master development agreement with LATAM Hotel Corp. to develop 10 Hyatt Place hotels in Central America and Mexico, and Hyatt affiliates have entered into franchise agreements with LATAM for the first five hotels, Hyatt announced Monday.
The five hotels are Hyatt Place Managua, Nicaragua; Hyatt Place Guatemala City, Guatemala; Hyatt Place San Salvador, El Salvador; Hyatt Place San Pedro Sula, Honduras; and Hyatt Place Tegucigalpa, Honduras.
“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,” Pat McCudden, senior vice president, real estate and development – Latin America and Caribbean for Hyatt Hotels & Resorts, said in a release.
As of press time, Hyatt had not responded to requests for further information.
The 140-guestroom Hyatt Place Managua is being developed on a 77,500-square-foot site next to Galerias Santo Domingo, Managua’s premier shopping center, with more than 130 stores and 20 restaurants and bars. The hotel is expected to open in 2015.
The Hyatt Place Guatemala City, also with 140 guest rooms, is being developed on a 122,116-square-foot site, as part of the Avia mixed-use development in the upscale area locally known as Zona Viva. The project will include upscale retail, luxury condominiums, Class A office space and a convention center and is intended to be the most exclusive shopping and entertainment venue in Guatemala City. The hotel is expected to open in 2016.
The 140-guestroom Hyatt Place San Salvador is being developed on a 132,772-square-foot site as part of a larger mixed-use development within the existing Las Cascadas shopping mall. The project will also include additional retail, dining and office space. The hotel is expected to open in 2016.
The 126-guestroom Hyatt Place Tegucigalpa is being developed on a 15,069-square-foot site in the downtown Parque Comercial Los Proceres, an upscale mixed-use development. The neighborhood is home to exclusive gated residential communities, the Centro Comercial Los Proceres shopping mall and the U.S. Embassy. The hotel is expected to open in 2015.
Finally, the 138-guestroom Hyatt Place San Pedro Sula, in Honduras’ second most populous city, is part of a 58,125-square-foot mixed-use development that will house boutique shopping, dining and Class A office space. The site is at the intersection of Avenida Circunvalación and Calle 10, a popular shopping, dining and entertainment destination. The hotel is expected to open in 2015.