Hyatt Hotels Corporation ( H Quick Quote H - Free Report) has been pursuing expansion initiatives aggressively. Case in point, the company has planned to broaden its portfolio significantly by the end of 2023. The company will add more than 20 executed managed and franchised new hotels to its portfolio.
The company announced new properties will join 63 Hyatt-branded hotels via nine distinct brands in 22 European countries. Following inauguration of these properties, the company’s footprint in Europe will increase by more than 30%.
Peter Norman, senior vice president real estate and development EAME/SWA, Hyatt said “Hyatt is in the process of transforming the hotel landscape in Europe with planned openings for new Hyatt-branded hotels in some of the most sought-after leisure destinations in the world.”
The company plans to open Park Hyatt London River Thames in London, Hyatt Centric Cambridge, Grand Hansa Hotel in Helsinki, Finland, Hyatt Centric hotel in Reykjavik, Byblos Hotel in Mijas, Spain, Andaz Lisbon, Andaz Prague and Alila La Gruyère in Switzerland.
So far this year, shares of the company have fallen 17.6% compared with the
industry’s decline of 5.2%. Expansion to Drive Growth
The company has already opened nine new Hyatt properties in Europe, which includes Hyatt Regency Sofia, the first Hyatt hotel in Bulgaria; Hyatt Regency Malta; Hyatt Place Paris Charles de Gaulle Airport and Hyatt House Paris Charles de Gaulle Airport in 2020.
During third-quarter 2020, the company announced the opening of 18 Hyatt Place or Hyatt House hotels. Meanwhile, the company re-entered the New Zealand market with the opening of Park Hyatt Auckland. Also, the company unveiled Andaz Xiamen, marking the second Andaz hotel in China. In October, the company opened Hyatt Centric Center City Philadelphia, Grand Hyatt Nashville and Hyatt Regency West Hanoi. Notably, the company announced that it has opened more than 4,300 rooms during the third quarter, reflecting an improvement of 10% year over year. Furthermore, it remains optimistic about full-service growth opportunities, comprising both newbuilds and conversions globally.
Hyatt — which shares space with
Hilton Worldwide Holdings Inc. ( HLT Quick Quote HLT - Free Report) , Choice Hotels International, Inc. ( CHH Quick Quote CHH - Free Report) and Marriott Vacations Worldwide Corporation ( VAC Quick Quote VAC - Free Report) in the Zacks Hotels and Motels industry — has a Zacks Rank #4 (Sell), at present.
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