Hyatt Hotels Corporation (NYSE: H) and FSA Group S.A., a Libra Group company, announced that a joint venture entity formed by a Hyatt affiliate and FSA Group has completed the acquisition of a site in São José do Rio Preto, Brazil, and has entered into agreements with FSA Group to develop a Hyatt Place hotel and with Hyatt affiliates to provide management services in connection with the operation of the hotel. This is the first hotel to be announced under the landmark master development agreement between a Hyatt affiliate and FSA Group for nine Hyatt Place hotels throughout Brazil. Once completed in mid-2016, Hyatt Place São José do Rio Preto will be the first hotel under the Hyatt Place brand to open in Brazil.
Hyatt Place São José do Rio Preto will be located in the state of São Paulo, approximately 440 kilometers (273 miles) northwest of the city of São Paulo. The 150-room hotel will feature an outdoor pool, a lobby lounge and restaurant, a fitness center, and approximately 400 square meters (4,306 square feet) of flexible meeting space. The hotel will be conveniently located adjacent to Iguatemi Shopping and within easy access to the area’s hospitals and clinics.
Hyatt Place São José do Rio Preto will be an integral component of a mixed-use project known as Iguatemi Shopping, which is currently under development by Iguatemi Empressa de Shopping Centers S.A., one of Brazil’s largest retail developers and the owner of many of Brazil’s highest quality retail malls. The Iguatemi Shopping project is expected to contain a retail component with approximately 44,000 square meters (473,612 square feet) of gross leasable area, three luxury residential towers, two office towers of approximately 10,000 square meters (107,639 square feet) each, and the Hyatt Place hotel. The Iguatemi Shopping retail stores will open on April 26, 2014.
“We are delighted to be working with FSA Group on the first Hyatt Place hotel in Brazil. Hyatt Place São José do Rio Preto is a critical step forward in our Brazilian and Latin American growth strategy for Hyatt Place,” said Pat McCudden, senior vice president of real estate and development, Latin America & Caribbean, Hyatt Hotels & Resorts. “Hyatt Place hotels recently opened in Mexico, Costa Rica and Puerto Rico and are seeing strong acceptance of the brand by loyal Hyatt guests, as well as newcomers to our brand. We believe the Hyatt Place brand will have a very strong appeal to Brazilian business and leisure travelers with its high quality accommodations and contemporary style and amenities.”
“This first Hyatt Place hotel is the fruit of our joint venture with Hyatt, and we couldn’t be more pleased than to debut it at Iguatemi Shopping,” said Alejandro Reyser, chief executive of FSA Group. “Hyatt Place’s upscale and modern comforts offer a unique concept in the market, and we are convinced that this will be a very successful hotel. Hyatt Place São José do Rio Preto is wonderfully positioned to maximize the economic vitality of the area, its location within the state of São Paulo and the city’s reputation as a commercial and healthcare destination.”
Hyatt is currently represented in Brazil by Grand Hyatt São Paulo, a 466-room full-service, luxury hotel. Currently under construction is Grand Hyatt Rio de Janeiro, which is scheduled to open in late 2015 in Rio de Janeiro’s Barra da Tijuca borough. Hyatt Place São José do Rio Preto will be the third Hyatt-branded hotel in the country.
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