Hyatt Announces Plans for Grand Hyatt Cancún Beach Resort

Rhea-AI Summary

Hyatt Hotels Corporation (NYSE: H) has announced plans for the new Grand Hyatt Cancún Beach Resort in Quintana Roo, Mexico, set to open in 2024. This luxury resort will offer 500 rooms and numerous amenities, including 11 dining options, a spa, and event spaces totaling over 16,000 square feet. This development is part of Hyatt's strategy to expand its luxury presence in Latin America, driven by increasing leisure travel demand. The resort will be part of Puerto Cancún, a master-planned community blending urban and resort experiences.

Positive

• New Grand Hyatt Cancún Beach Resort is expected to open in 2024, expanding Hyatt's luxury portfolio.
• The resort will include 500 rooms, 11 dining options, a spa, and over 16,000 square feet of meeting space.
• The project reflects Hyatt's strategy to capitalize on growing leisure travel demand in Latin America.

Negative

• None.

Grand Hyatt Cancún Beach Resort will build on Hyatt's continued growth of its luxury resort portfolio in Latin America, fueled by leisure travel demand

CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) announced today plans for Grand Hyatt Cancún Beach Resort, a new-build resort in Quintana Roo, Mexico in collaboration with ownership group Diestra Realty, S.A. de C.V. Anticipated to open in 2024 in time for the summer season, the 500-room luxury Grand Hyatt hotel will mark another milestone in Hyatt’s ambitious brand growth strategy in Latin America to meet growing leisure travel demand.

Grand Hyatt Cancún Beach Resort Exterior Rendering (Photo: Business Wire)

Situated in the eastern part of the Yucatan Peninsula with expansive views overlooking the Caribbean Sea and nearby Isla Mujeres, Grand Hyatt Cancún Beach Resort will be a captivating destination, featuring 500 guestrooms, of which 28 guestrooms feature their own plunge pool, and 46 are luxury suites, including one Presidential Suite; 11 dining concepts that will feature world-class chefs and iconic dishes reflective of the destination; six bars, including a lobby lounge bar, pool bar, and beach shack; an indoor and outdoor destination spa area and fitness center to connect guests with their physical and mental wellbeing; three swimming pools; and more than 16,000 square feet of dynamic, state-of-the-art gathering spaces designed to accommodate events of any size and kind. Additional offerings and amenities will include a kids club, activity center, business center and retail shops.

“Cancún is one of the most desired and booming leisure tourism destinations in the world, and we are thrilled to collaborate with the team at Diestra Realty to bring the iconic Grand Hyatt brand to this sought-after destination,” said Camilo Bolaños, Hyatt’s senior vice president of development for Latin America and the Caribbean. “Hyatt’s recent acquisition of Apple Leisure Group (ALG) and our expanded portfolio of all-inclusive luxury resorts demonstrates our focus on high-end leisure travel. The new Grand Hyatt resort will be a critical piece of our strategy to grow Hyatt’s luxury resort presence in key leisure destinations that our guests, World of Hyatt members, and owners are seeking.”

The resort will be located within Puerto Cancún, a master-planned residential resort community that includes a full-service marina, golf course, resorts, time-share, condominiums, single-family homes, state-of-the-art fitness and recreation center, protected natural reserve, and a lifestyle shopping mall offering an open-air shopping experience with over 220 tenants including fine dining, art galleries and children’s entertainment activities. A newly developed resort cluster will include the new Grand Hyatt Cancún Beach Resort. Strategically located between downtown Cancún and the Cancún Hotel Zone, Puerto Cancún intends to merge dynamic city life with a resort experience and environment, positioning the new Grand Hyatt hotel as an attractive destination for tourists and locals alike.

“Diestra Realty is delighted to work hand in hand with Hyatt to bring the luxurious Grand Hyatt Cancún Beach Resort to life. This will be our first Hyatt property in Mexico, and we anticipate a very successful collaboration,” said Jorge Paoli, CEO of Diestra Realty. “A great deal of work has gone into designing and developing the hotel to create an environment that exceeds the expectations of our guests. The beautiful turquoise waters of the Caribbean Ocean as the backdrop of the resort will ineluctably inspire couples, families, and leisure or business groups alike.”

Grand Hyatt Cancún Beach Resort will join 18 additional Hyatt-branded hotels in Cancún, including all-inclusive luxury resorts across the AMR Collection brands, giving guests and World of Hyatt members even more resort options and leisure experiences to choose from. Further, this property will mark an exciting milestone in the Grand Hyatt brand’s growth in the Americas, joining Grand Hyatt Baha Mar, Grand Hyatt Bogotá, Grand Hyatt Nashville, Grand Hyatt at SFO, and Grand Hyatt Vail – all of which opened in the last five years.

For more information, please visit hyatt.com.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Grand Hyatt

Around the world, Grand Hyatt hotels bring travel dreams to life by celebrating the iconic in small details and magnificent moments. Located at the crossroads of local culture and global business within major gateway cities and resort destinations, each Grand Hyatt hotel is uniquely designed to be a captivating destination within a destination. Grand Hyatt hotels deliver welcoming and elevated service, first-class accommodations and an abundance of options within a multicultural backdrop of dramatic architecture and bold and vibrant design. Grand Hyatt hotels boast inventive restaurants, luxury spas, fitness centers, and business and meeting facilities. For additional information or to make a reservation, please visit grandhyatt.com. Follow @GrandHyatt on Facebook and Instagram, and tag photos with #GrandHyatt.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2022, the Company’s portfolio included more than 1,150 hotels and all-inclusive properties in 71 countries across six continents. The Company's offering includes the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by Hyatt™, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by Hyatt™, Hyatt House®, Hyatt Place®, UrCove, and Hyatt Residence Club® brands, as well as resort and hotel brands under the AMR™ Collection, including Secrets® Resorts & Spas, Dreams® Resorts & Spas, Breathless Resorts & Spas®, Zoëtry® Wellness & Spa Resorts, Vivid Hotels & Resorts®, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the impact of the COVID-19 pandemic and pace of recovery, the amount by which the Company intends to reduce its real estate asset base and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks associated with the acquisition of ALG, including the related incurrence of additional material indebtedness; our ability to realize the anticipated benefits of the acquisition of ALG as rapidly or to the extent anticipated, including successful integration of the ALG business; the duration and severity of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and long-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the broad distribution and efficacy of COVID-19 vaccines and treatments, wide acceptance by the general population of such vaccines, and the availability, use, and effectiveness of COVID-19 testing, including at-home testing kits; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601005853/en/

Glennie Janssen

Hyatt

glennie.janssen@hyatt.com

Robert Martinez

Hyatt – Americas

robert.martinez1@hyatt.com

Source: Hyatt Hotels Corporation

FAQ

What are the details of the new Grand Hyatt Cancún Beach Resort?

The Grand Hyatt Cancún Beach Resort will feature 500 rooms, 11 dining options, a spa, and extensive meeting spaces, set to open in 2024.

When is Hyatt planning to open the Grand Hyatt Cancún Beach Resort?

The Grand Hyatt Cancún Beach Resort is anticipated to open in 2024.

How does the new resort fit into Hyatt's business strategy?

The new resort is part of Hyatt's strategy to expand its luxury offerings in response to increasing leisure travel demand in Latin America.

What is the location of the Grand Hyatt Cancún Beach Resort?

The resort will be located in Puerto Cancún, Quintana Roo, Mexico.

What amenities will the Grand Hyatt Cancún Beach Resort offer?

The resort will offer 500 rooms, 11 dining concepts, multiple bars, a destination spa, and extensive event spaces.