In a bid to expand in the lucrative Asian market, leading global hotel chain Hyatt Hotels Corporation (H - Free Report) recently decided to open a Hyatt Place branded hotel, Hyatt Place Seoul in Seoul, South Korea. In this regard, Hyatt inked a management agreement with KY Development Co., Ltd.
The new five-star property, to be opened in 2016, will mark the debut of the Hyatt Place brand in Seoul as well as in the South Korean and Northeast Asian region. Hyatt already owns and operates three other properties under the Park Hyatt, Grand Hyatt and Hyatt Regency brands in Seoul.
Seoul, the capital of South Korea, is one of the leading tourist destinations. The city is a key commercial, technology and entertainment hub and home to the renowned electronics companies like, Samsung Electronics Co., Ltd. and LG Corporation. Moreover, as a result of the economic boom that Seoul is witnessing, the hotel industry seems to be gearing up.
Ideally situated in Dongdaemun, Hyatt Place Seoul is near to the Gangbuk district. KY Development Co. is constructing a shopping mall, Dongdaemun Design Plaza & Park (DDP), just beside the hotel. We believe the strategic position, wide range of amenities offered at the 204-room hotel and its contemporary ambience will create a strong guest base, going ahead.
Hyatt set a trend in hotel designs with Hyatt Place, which spread its operations globally with 184 hotels since its launch in Jun 2006. In its 7-year long journey, Hyatt Place has gained immensely from its affordable pricing and guest satisfaction scores, reflecting the brand’s strength and growing popularity.
Several other hoteliers including Intercontinental Hotels Group plc and Starwood Hotels & Resorts Worldwide Inc. have introduced similar contemporary lifestyle brand concepts like Hyatt Place. These brands include Hotel Indigo and Aloft by Intercontinental Hotels and Starwood, respectively.
Hyatt currently carries a Zacks Rank #3 (Hold). Another hotel stock worth looking into is Marriott Vacations Worldwide Corp. (VAC - Free Report) , which carries a Zacks Rank #1 (Strong Buy).