In a bid to strengthen its portfolio in Hawaii, Hyatt Hotels Corporation’s (H - Free Report) affiliate recently entered into a management agreement with Mani Brothers Real Estate Group to rebrand Travaasa Hana into Hana-Maui Resort. Processed under Hyatt’s Destination Hotels brand, the company expects to open the property on Oct 1, 2020, in accordance with the state of Hawaii’s guidelines.
Notably, the resort intends to remain open through a planned two-year phased renovation, which includes enhancements of all accommodations, arrival areas, dining outlets and pools.
Located at the town of Hana (east of Maui island), the 75-room resort comprises guest rooms, suites, bungalows and family residences. The resort will also be offering dining options (such as Hana Ranch Restaurant), an indoor-outdoor spa wellness center, two pools and a yoga pavilion. Additionally, unique transportation options such as a private helicopter as well as a fixed-wing aircraft are also included.
Katie Johnson, director of global independent brands for Hyatt, stated, “With more than 40 years of operations in Hawaii, we are pleased to expand our footprint on the beautiful island of Maui. We appreciate all the Hana destination has to offer and look forward to sharing its rich local culture with guests while providing immersive discoveries.”
Increased Focus on Expansion
In 2018 and 2019, Hyatt registered net room growth of 13.6% and 7.4%, on a year-over-year basis, respectively. For the first and second quarter of 2020, Hyatt registered net room growth of 6.3% and 5.8%, respectively. The company announced that net rooms have increased by more than 40% and its pipeline has nearly doubled. This trend is anticipated to continue in 2020 and beyond.
Going forward, the company has expansion plans in the Asia Pacific, Europe, Africa, the Middle East and Latin America. It is also likely to expand in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. Notably, the company intends to benefit from these expansions, eventually boosting the business.
So far this year, shares of the company have plummeted 36.7% compared with the industry’s decline of 22.1%.
Hyatt — which shares space with Hilton Worldwide Holdings Inc. (HLT - Free Report) , Choice Hotels International, Inc. (CHH - Free Report) and Marriott Vacations Worldwide Corporation (VAC - Free Report) in the Zacks Hotels and Motels industry — has a Zacks Rank #4 (Sell), at present.
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