Consistent with its expansion activity, Chicago, Illinois-based leading global hotel chain Hyatt Hotels Corporation (H - Free Report) recently declared the inauguration of a Hyatt Regency branded hotel, Hyatt Regency Qingdao in Qingdao, China. The opening marks the debut of Hyatt Regency brand in the region.
Strategically positioned at Laoshan district, one of the most important economic, business and entertainment hubs in Qingdao, the new hotel lies in proximity to Shandong Peninsula and is adjacent to Shi Lao Ren Beach. The Qingdao city is well known for its local cuisine, cultural and historical background.
Hyatt Regency Qingdao features 439 rooms, which includes 25 suites along with various other amenities. The hotel also comprises northern Chinese cuisine restaurant, spa and fitness center facilities. The new property is considered as the first luxury urban resort in northern China.
The Hyatt Regency is the vivacious brand of Hyatt Hotels and aims to attract both the business and leisure groups. The hotels are mainly located in urban, suburban, airport, convention and resort destinations across the world.
In November 2012, the company declared the debut of a Hyatt Regency branded hotel in Sukhumvit, Bangkok, in collaboration with a local real estate firm Grande Asset Hotels and Property Public Company Limited. The new hotel, named Hyatt Regency Bangkok, is slated to open for business in 2017. It will be the first Hyatt Regency branded hotel in Bangkok, Thailand.
These openings were in line with the company’s strategy to expand in the emerging markets.
Hyatt Hotels’ major rivals, Starwood Hotels & Resorts Worldwide Inc. and Marriott International Inc. (MAR - Free Report) , are also expanding their Chinese portfolios continuously. In September, Starwood launched its Sheraton brand with the opening of the Sheraton Fuzhou Hotel in Fujian province, China.
Hyatt Hotels Corporation carries a short-term Zacks Rank #2 (Buy). We currently have a long-term Neutral recommendation for the stock.