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Hyatt Expands Hyatt Centric Brand, Opens Hotel in Virginia

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Hyatt Hotels Corporation (H - Free Report) continues to focus on unit expansion to drive growth. The company recently announced the opening of Hyatt Centric Old Town Alexandria. The hotel will mark the brand’s second property in Virginia thereby joining Hyatt Centric Arlington.

Notably, the 124-roomed property, situated at 1625 King Street at Harvard Street, is designed by a national architecture and design firm, Cooper Carry. The hotel features a contemporary design and draws inspiration from the historic storefronts that line King Street. It also focuses on sustainable land use, resource conservation and waste minimization.

Ronald Reagan Washington National Airport and Washington D.C.’s city center are close to Hyatt Centric Old Town Alexandria. Famous attractions like the Lincoln Memorial, Washington Monument, White House, and Georgetown are also in close proximity, providing guests convenient opportunity.

Recently, the company announced the opening of Hyatt Regency Manchester and Hyatt House Manchester in Manchester, UK. It also opened Hyatt Place Waco-South in Waco, TX.

Moreover, the Chicago based hotel company has expansion plans in the Asia Pacific, Europe, Africa, Middle East and Latin America. It also looks forward to expand in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. This should help it gain market share in the hospitality industry, thereby boosting the business.

Meanwhile, Hyatt’s new signings across its brands globally have consistently outpaced openings. This trend is expected to continue in 2020 and beyond. For fourth quarter, it expects unit growth of 7.25-7.75%, which indicates 85 new hotel openings.

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) , operates in an intensely competitive market. We believe the company’s efforts to drive unit growth will help counter stiff competition.

Driven by an expanding global brand presence, shares of Hyatt have outperformed the industry in the past six months. The stock has increased 9.9% compared with the industry’s 5.8% growth in the same time frame.

Hyatt currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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