In a bid to strengthen its portfolio in Las Vegas,
Hyatt Hotels Corporation’s ( H Quick Quote H - Free Report) affiliate recently entered into a franchise agreement with Dreamscape Companies LLC to rebrand Rio Las Vegas into multiple Hyatt full-service offerings. Located at the west of the Las Vegas Strip, the renovations are likely to cover more than 2,510 rooms. The company stated that one of the Rio Las Vegas towers will be converted into a 1,501-room Hyatt Regency hotel, while the remaining rooms will be rebranded with Hyatt full-service brands, upon completion of renovation. Moreover, the multi-phase project will include redevelopment of hotel amenities like gaming, retail, food and beverage, spa and fitness, and pool recreation deck. In this regard, Kimo Bertram, Hyatt’s vice president of real estate and development, stated, “We know Las Vegas is an important destination for our guests, World of Hyatt members, and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers.” Increased Focus on Expansion
Hyatt aims to differentiate its brands from one another by providing distinct travel experiences. It is also consistently trying to expand presence worldwide 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.
In 2020, the company had opened several independent collection of brands across the globe. Notably, this includes the likes of Quirk Hotel Charlottesville (Destination by Hyatt hotel - Virginia), The Last Hotel (The Unbound Collection by Hyatt - St. Louis), Wyndhurst Manor & Club (Destination by Hyatt hotel - Massachusetts), Mar Monte Hotel (The Unbound Collection by Hyatt - California), Grand WUJI Hotel (The Unbound Collection by Hyatt - China), Hotel Kansas City (The Unbound Collection by Hyatt - Missouri), The Wellem (The Unbound Collection by Hyatt - Germany), Hotell Reisen (The Unbound Collection by Hyatt - Stockholm) and Hana-Maui Resort (Destination by Hyatt hotel - Hawaii). 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 2020, the company opened Hyatt Centric Center City Philadelphia, Grand Hyatt Nashville and Hyatt Regency West Hanoi. The company remains optimistic about full-service growth opportunities, comprising both newbuilds and conversions globally. So far this year, shares of the company have gained 17.3% compared with the industry’s 18.9% growth. Notably, the COVID-related travel restrictions and containment efforts have negatively impacted the company. Nonetheless, the company’s long-term prospects continue to remain strong with meaningful recovery expected in the second half of 2021. 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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