In a bid to strengthen its portfolio in San Francisco,
Hyatt Hotels Corporation’s ( H Quick Quote H - Free Report) affiliate recently entered into a franchise agreement with 50 Third Street Owner LP to develop Hyatt Regency San Francisco Downtown SoMa. Post the renovations, the company expects to open the property by early 2022. Notably, this marks the 10th Hyatt hotel in the San Francisco area. Located near the San Francisco’s south of market (SoMa) neighborhood, the hotel comprises 681 guestrooms, with 32,000 square feet of flexible meeting and event space. This apart, it comes with a range of amenities that include food and beverage services, as well as fitness centers. Meanwhile, David Tarr, senior vice president, development, Americas, Hyatt, stated, “We are thrilled to further grow Hyatt’s presence in the great city of San Francisco, which is an important market for Hyatt.The renovation of Park Central San Francisco will be truly remarkable, and we look forward to having the hotel join the Hyatt Regency brand to offer a seamless, intuitive experience for guests.” Increased Focus on Expansion
Hyatt aims to differentiate its brands from one another by providing distinct travel experiences. Hyatt is also consistently trying to expand presence on a worldwide basis and has expansion plans in Asia-Pacific, Europe, Africa, Middle East, and Latin America. Expansion in these markets should help the company gain market share in the hospitality industry, thereby boosting business.
So far this year, Hyatt has already opened seven new properties in the North America region, which includes Thompson Washington D.C., Hyatt Centric Old Town Alexandria, Hyatt Centric Downtown Portland, Hyatt Centric Las Olas Fort Lauderdale, Hyatt Centric Downtown Minneapolis, Hyatt Centric Center City Philadelphia and Thompson Dallas. This apart, the company re-entered the New Zealand market with the opening of Park Hyatt Auckland. Also, Hyatt 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. Going forward, it remains optimistic about full-service growth opportunities, comprising both newbuilds and conversions globally. In the past three months, shares of the company have gained 35.9% compared with the industry’s 27.4% rally.
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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