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Hyatt Hotels Corporation (NYSE: H) has announced a new franchise agreement with Thera Island Suites S.A. to operate the Magma Resort Santorini, marking its first hotel in the Greek Islands. Set to open in May 2022, the luxury resort will feature 59 rooms, including 24 suites with private pools, and aims to enhance Hyatt's presence in key European leisure markets. Located in Vourvoulos, the resort will offer proximity to popular beaches and local attractions, alongside a fine dining experience curated by a two-star Michelin chef.
Positive
Expansion into the Greek Islands opens new revenue opportunities.
Luxury positioning with a unique guest experience is likely to attract high-end clientele.
The involvement of a Michelin-starred chef enhances the resort's culinary appeal.
Negative
Potential risks associated with the ongoing impacts of COVID-19 on travel demand.
Dependence on seasonal tourism could affect revenue stability.
Slated to open in May 2022, the luxurious 59-room hotel will join The Unbound Collection by Hyatt portfolio as the first Hyatt-affiliated hotel in the Greek Islands
CHICAGO--(BUSINESS WIRE)--
Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with Thera Island Suites S.A., owners of Magma Resort Santorini, and Athens-based SWOT Hospitality will operate the hotel. Expected to open in 2022 in time for the summer season, the hotel will join The Unbound Collection by Hyatt portfolio as the first Hyatt-affiliated resort in the Greek islands, featuring 59 guestrooms, including 24 suites. The signing underscores Hyatt’s strategy to grow its brand footprint in the leisure and independent collection segments across key European leisure destinations.
Magma Resort Santorini will join The Unbound Collection by Hyatt portfolio (Photo: Business Wire)
Magma Resort Santorini will resemble a re-imagined traditional Cycladic dwelling by incorporating a sustainable yet modern exterior design that seamlessly integrates the lava-made and stone elements with the overall island’s ambience. All 59 guestrooms and suites, 46 of which will feature private pools and hot tubs, will enjoy unobstructed views of the Aegean Sea and Anafi Island.
True to The Unbound Collection by Hyatt brand’s ethos, Magma Resort Santorini will offer one-of-a-kind, modern and personalized luxury guest experiences. Nestled among traditional old vineyards, the resort will be located on the lava-made slopes of Vourvoulos, in close proximity to picturesque lava sand beaches on the northeast part of the island and popular cosmopolitan destinations such as Fira and Oia, known for its Instagram-worthy sunsets. The resort’s culinary experience, Magma by Spondi, will be curated by a two-starred Michelin chef and honor local agriculture and seasonal ingredients in a contemporary and inventive interpretation. The restaurant’s menu will feature signature dishes and other fine dining options paired with renowned wines from the rich viticulture for which the island is known.
“We are thrilled to work with SWOT Hospitality and are excited to announce The Unbound Collection by Hyatt brand’s upcoming entry into the Greek Islands with Magma Resort Santorini,” said Peter Norman, senior vice president of development for EAME & SWA, Hyatt. “The expansion of our luxury and independent collection brands in popular leisure destinations in Europe plays a central role in our growth strategy as we aim to satisfy the increasing leisure demand from travelers looking for story-worthy experiences.”
Santorini is one of Greece’s most visited islands, famed for its association with the lost island of Atlantis. In light of its continued growth in popularity, it has been chosen by the Ministry of Tourism and the European Bank to be a focus area for sustainable tourism.1 The island is well-known for its extraordinary, picturesque beaches, dramatic cliffs overlooking the caldera and iconic sunset views.
“We are very pleased to be part of the Hyatt family by introducing The Unbound Collection by Hyatt brand to Greece, and the story-worthy experiences that will come with its brand recognition. Together with Hyatt, we aim to set a new benchmark for hospitality in the destination," says Mr. Stefanos Papakaliatis, managing partner at Thera Islands Suites.
Magma Resort Santorini will be designed to incorporate organic shapes from black volcanic stones alongside contrasting, off-white geometric prisms, reminiscent of Santorini’s volcanic ash which is evident around the island. The resort will be inspired by the surrounding traditional dwellings, or pezoules,andterraced land used for winemaking. The design will blend the natural environment while paying homage to Santorini’s underground spaces and cave homes, with a state-of-the-art wellness center and a subterranean spa and a spacious event facility for up to 250 guests. Elsewhere, the resort will feature several semi-outdoor spaces and covered walkways to create balance between the cool interior and warm open air. The design and architectural development will be produced by PEOPLE and ELASTIC Architects.
“This is a hallmark project for SWOT and for the destination,” says SWOT Hospitality President Mr. Stelios Koutsivitis. “As a team, we are passionate about entering into this agreement with Hyatt and are dedicated to creating an authentic, extraordinary and soulful resort that carries the spiritual DNA of Greece.”
More than a compilation of independent, one-of-a-kind hotels, The Unbound Collection by Hyatt brand is a thoughtful curation of stories worth collecting. Whether it’s a modern marvel, a historic gem or a revitalizing retreat, each property provides thought-provoking environments and experiences that inspire for guests seeking elevated yet unscripted service when they travel. For a full list of hotels in the collection, visit unboundcollection.hyatt.com. Follow @UnboundxHyatt on Facebook and Instagram and tag your photos with #UnboundxHyatt.
About SWOT Hospitality
Established in May 2013, is a leading hotel management company based in Athens, Greece specializing in hotel management, asset management and development, investment management, sales & marketing and advisory services. SWOT’s experience, professionalism and ability to effectively respond to the rising demands of the global hospitality industry has led top investors and developers to entrust the company with realizing their vision to excellence. The Firm’s principals have maintained a consistent track record of strong performance and value creation. They have acquired, developed and managed some of the most high-profile hotels in the region, with more than 3,500 rooms and a value in excess of €1 billion. The Firm’s Advisory team has underwritten large hotel portfolios of more than 2 billion on behalf of systematic banks and institutional investors. For more information, please visit https://swot.gr
About Thera Island Suites S.A.
Papakaliatis family group of companies has been operating in the tourism industry for over 55 years. The first company was formed in 1966 by Ioannis Papakaliatis and his sons under the name, Zeus of Crete. It was the first incoming handling agency (DMC) in Crete to renowned European tour operators such as Neckerman, Thomas Cook, Tui, Flying Carpet, Bucher, Pegase, Alltours, EasyJet Holidays, Apollo Travel, Jumbotours, Onthebeach, Kompas, Olympic Holidays, Karpaten, Nekera, W2M Travel and many more. Since then, the company continued its core incoming business until this day, becoming one of Leading Destination Management Companies in Greece. In 1988, the family started investing in the hospitality industry with various companies. The first hotel company Anissaras Hotels was formed with owned hotels in Anissaras area in Crete, later on in 2008 with Greco Star Hotels that operated leased hotels in Corfu & Kos islands and most recently in 2013 with Zeus Hotels that is operating six leased, and part owned hotels in Crete and Rhodes. Since 2019, Thera Islands Suites company has targeted the luxury sector of the market and the company is seeking to develop and acquire five-star properties in well-known destinations. The family is also involved in the shipping industry with a company based in Corfu, and privately owns one flying dolphin ferry, and two small cruise ships which are sub-leased by Joy Cruises company that provide daily ferry routes in the Ionian Sea. It also provides ferry excursions in Corfu, Paxi and south of Albania.
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 September 30, 2021, Hyatt’s portfolio included more than 1,000 hotel and all-inclusive properties in 69 countries across six continents, and the acquisition of Apple Leisure Group added 96 properties in 10 countries as of November 1, 2021. Hyatt’s offerings include 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, Alua® Hotels & Resorts, and Sunscape® Resorts & Spas. Hyatt’s subsidiaries operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and the Trisept Solutions® travel technology platform. 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. 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 consummation of the Apple Leisure Group (“ALG”) acquisition, including the related incurrence of material additional indebtedness; our ability to successfully integrate ALG's employees and operations into ours; the ability to realize the anticipated benefits of the acquisition of ALG as rapidly or to the extent anticipated; the duration of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and longer-term effects of the COVID-19 pandemic, including 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 wide acceptance by the general population of such vaccines; 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; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and all-inclusive 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, such as the COVID-19 pandemic, 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 and 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 ALG's membership offering; 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 U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. 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 undertake no 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.
