Hyatt Hotels Corporation (H - Free Report) has inked an agreement with Tavros Investment Holding, a real estate development firm to open a hotel in Almaty, Kazakhstan under the Hyatt Regency brand. Slated to open in 2017, the hotel will mark the return of the company in this market.
Located between Satpaev Avenue and Esentai River, this Hyatt Regency hotel will feature 270 rooms including 41 suites which will be spread over an area of 6,800 square meters, and will also include meeting spaces, restaurant, bars, spa and fitness center.
Located in the center of the city this hotel will be easily accessible from Almaty International Airport and the Kazakhstan Stock Exchange. Its location and amenities are expected to attract business as well as leisure travelers. Almaty is one of the commercial and cultural centers of Kazakhstan and also a key financial hub in Central Asia. Taking all these into account, we believe that Hyatt could not have chosen a better location to re-enter the market.
Hyatt Hotels is consistently trying to expand its global presence. The company has its hotels worldwide including locations in China, India, Latin America, Europe, the Middle East, and the United States. Only last month, the company entered into an agreement with Latam Hotel Corp. for the opening of 10 Hyatt Place hotels in Central America and Mexico.
Like Hyatt, Starwood Hotels & Resorts Worldwide Inc. is also busy expanding its worldwide presence. Starwood Hotels recently announced that it is expanding its portfolio in the Middle East with the launch of 35 hotels. The hotels are slated to be opened in the next three years, bringing the count to over 80 hotels in the region. Meanwhile, another leading hotelier, Marriott International Inc. (MAR - Free Report) has entered into an agreement with Oberoi Realty, a consortium led by Oberoi Realty and Sahana Group to open a hotel in Mumbai, India under the Ritz-Carlton brand in early 2017.
Hyatt Hotels presently has a Zacks Rank #3 (Hold). Hilton Worldwide Holdings Inc. (HLT - Free Report) is a better-ranked stock in the hotel industry with a Zacks Rank #2 (Buy).