Hyatt, PRISA JV Breaks Ground on Hyatt Place San Juan
- Oct 23, 2014
A joint venture between Hyatt, PRISA Group and McConnell Valdes Consulting, Inc. has broken ground on a 149-room Hyatt Place San Juan hotel in Puerto Rico.
The new development comes just weeks after the opening of the 126-room Hyatt House San Juan, signaling Hyatt’s interest and commitment to the region. The $29.7 million Hyatt Place San Juan is the fourth Hyatt-branded select service hotel in Puerto Rico, slated for completion in early 2016.
Located in the Puerto Rico Convention District of San Juan, the new hotel will be in close proximity to all major attractions in the Old San Juan, Condado, Miramar, and Hato Rey districts. The Convention District is a master-planned, 113-acre project which includes the 600,000-square-foot Puerto Rico Convention Center, the largest and most advanced facility of its kind in the region. Hyatt Place San Juan will be adjacent to the recently opened Hyatt House San Juan, and will offer easy access to all major cruise ship terminals and Puerto Rico’s International Airport.
“It is wonderful to see Hyatt’s resurgence in Puerto Rico,” said Pat McCudden, senior vice president of real estate and development, Latin America and Caribbean for Hyatt in a news release. “Our relationship with the PRISA Group in Puerto Rico runs decades long, and it is wonderful to celebrate the fantastic 11-month period, having three Hyatt-branded hotels open on the island as well as this fourth hotel announcement,” McCudden added.
Three Hyatt-branded hotels have been completed in the area over the last 11 months: the 156-room Hyatt Place San Juan/Bayamon, the 106-room Hyatt Place Manati, and the 126-room Hyatt House San Juan. All properties were developed through the joint partnership between hotel owners and developers PRISA Group and McConnell Valdes Consulting, Inc., amounting to a total of $115 million in development costs.
“The Hyatt Place brand’s well-received innovative service concept and modern design, combined with Hyatt’s impressive worldwide growth over the last several years and strong brand loyalty in Puerto Rico, offers a compelling business case for expanding the brand’s presence with a third Hyatt Place hotel on the island,” said Federico Stubbe, president of PRISA Group.