Hyatt Centric to Debut In Puerto Rico with Hyatt Centric San Juan Isla Verde

Rhea-AI Summary

Hyatt Hotels (NYSE: H), in collaboration with Interlink and Vivo Beach Club, has announced plans to open the first Hyatt Centric branded hotel in Puerto Rico. The Hyatt Centric San Juan Isla Verde will be located in the vibrant Isla Verde neighborhood and is set to open in 2025 after a $25 million renovation of the former Verdanza Hotel. The hotel will offer 223 guestrooms, a range of amenities including a fitness center, 16,000 sq. ft. of meeting space, a resort-style pool, and various dining options.

Guests will also have complimentary access to the facilities of Vivo Beach Club, which features restaurants, bars, a concert stage, and a microbrewery. Hyatt Centric San Juan Isla Verde aims to provide a local lifestyle experience for both business and leisure travelers. This will mark the sixth Hyatt property in Puerto Rico.

Positive

• Hyatt Centric San Juan Isla Verde will be the first Hyatt Centric hotel in Puerto Rico, expanding the brand's presence.
• The hotel will undergo a $25 million renovation, enhancing guest rooms, suites, and public spaces.
• Located in a prime area, less than one block from Isla Verde Beach, attracting both business and leisure travelers.
• The hotel will offer 223 guestrooms, modern amenities, and complimentary access to Vivo Beach Club.
• Includes over 16,000 sq. ft. of meeting space, catering to business events and conferences.
• Partnership with Interlink and Vivo Beach Club may boost local economic development and tourism.

Negative

• High renovation cost of $25 million could strain initial financial performance.
• Potential construction delays could push back the 2025 opening date.
• Intense competition in the Puerto Rico hospitality market could impact occupancy rates.
• Economic downturns or travel restrictions could negatively affect tourism and hotel profitability.

The former Verdanza Hotel to join the Hyatt portfolio in 2025, marking the introduction of the Hyatt Centric brand in Puerto Rico

CHICAGO--(BUSINESS WIRE)-- Hyatt Hotels Corporation (NYSE: H) in collaboration with Interlink and Vivo Beach Club today announced plans for the first Hyatt Centric branded hotel in Puerto Rico. Hyatt Centric San Juan Isla Verde will be located in the buzzy Isla Verde neighborhood, one block away from Isla Verde Beach and walking distance to restaurants, shopping, historical landmarks and nightlife. The hotel is currently undergoing an ambitious $25 million dollar enhancement project to renovate all guestrooms, suites and public spaces, which will be inspired by Puerto Rico’s enchanted landscape, embracing a fusion of the island’s captivating land and sea elements.

King Cabana View Guestroom (Photo: Business Wire)

"We’re excited to work with Interlink and Vivo Beach Club to bring the Hyatt Centric lifestyle brand to Puerto Rico and expand Hyatt’s brand presence in a thriving market,” said Camilo Bolaños, senior vice president of development, Latin America & the Caribbean, Hyatt. “Hyatt Centric San Juan Isla Verde will be situated in the heart of the Isla Verde neighborhood, allowing guests to truly experience the locale but also discover other nearby beaches and attractions that spark curiosity and connection."

Once open, Hyatt Centric San Juan Isla Verde will offer 223 guestrooms in a prime location less than one block away from the award-winning Isla Verde Beach. The hotel will be home to a communal space acting as the social center of the hotel activated by a signature restaurant & bar, an open-air beer garden, and a coffee shop boasting local flare. The hotel will also offer a modern fitness center, over 16,000 sq. ft. of meeting space, a resort-style pool deck surrounded by tropical landscape, and a locally inspired restaurant and pool bar. To complement the local lifestyle experience, guests will be granted complimentary access to the facilities of Vivo Beach Club, an oceanfront private beach club designed for people of all ages featuring a free form pool, 3 restaurants, 4 bars, an outdoor concert stage with seating capacity for 3,500 people, 12,000 sq. ft. of meeting facilities, and the award-winning Ocean Lab Brewing Co. micro-brewery.

"We are filled with pride to collaborate with Hyatt to bring the Hyatt Centric lifestyle brand to the renowned Isla Verde neighborhood. Puerto Rico has a lot to offer, and soon, guests and World of Hyatt members will be able to experience a new hotel that serves as an authentic home base to explore the magical island of Puerto Rico," said Federico J. Sánchez Ortiz, President and Chief Executive Officer of Interlink and Luis and Matías Fernández, co-owners of Vivo Beach Club.

“Today's announcement that we will soon have a Hyatt Centric hotel in Isla Verde demonstrates once again the current success and potential of Puerto Rico’s tourism sector. Our beautiful island has become a top-of-mind destination for tourists looking to have an unforgettable experience in the heart of the Caribbean. I welcome Hyatt Centric San Juan Isla Verde and wish the team the best in this new milestone in Puerto Rico and thank Interlink and Vivo Beach Club for their contribution to Puerto Rico’s sustainable economic development,” said Pedro R. Pierluisi, Governor of Puerto Rico.

"We are excited to extend a warm welcome to the first Hyatt Centric branded hotel in the vibrant Isla Verde tourist zone, providing both business and leisure travelers a new hotel option. This forthcoming addition emphasizes our hospitality industry commitment to improving our offerings and supporting the ongoing growth of our tourism sector," said Carlos Mercado, Executive Director of the Puerto Rico Tourism Company.

Hyatt Centric San Juan Isla Verde will be managed by Highgate Hotels, an industry-leading hotel management firm, with a diverse portfolio of hotels across North America, the Caribbean, Latin America, and Europe, including three other hotels in Puerto Rico.

Hyatt Centric San Juan Isla Verde will mark the sixth Hyatt hotel in Puerto Rico following Hyatt Place & Hyatt House San Juan, Hyatt Place Bayamon, Hyatt Place Manati and Hyatt Regency Grand Reserve Puerto Rico.

To learn more about the Hyatt Centric brand, please visit https://www.hyatt.com/development/ourbrands/hyattcentric.

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, 2024, the Company's portfolio included more than 1,300 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

About Hyatt Centric

Hyatt Centric is a brand of full-service lifestyle hotels located in prime destinations. Created to connect guests to the heart of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery so they never miss a moment of adventure. Each hotel offers social spaces to connect with others in the lobby, meanwhile the bar and restaurant are local hot spots where great conversations, locally inspired food and signature cocktails can be enjoyed. Streamlined modern rooms focus on delivering everything guests want and nothing they don’t. A passionately engaged team is there to provide local expertise on the best food, nightlife and activities the destination has to offer. For more information, please visit hyattcentric.com. Follow @HyattCentric on Facebook and Instagram, and tag photos with #HyattCentric.

About Interlink

Founded in 1977, Interlink is an integrated real estate company with more than four decades of experience in Puerto Rico and the Caribbean. Its main focus is development, construction, and asset management; within the residential, commercial, and hospitality sectors. Interlink has a proven track record that includes an extensive portfolio of world-class hospitality developments and renowned construction projects, including Sheraton Puerto Rico Resort & Casino Metro, The St. Regis Bahia Beach Resort, AC Hotel San Juan Condado, Hotel El Convento, and the Residence Inn by Marriott Isla Verde. For more information, please visit: www.interlinkpr.com.

About Vivo Beach Club

Established in 2017, the VIVO Beach Club Complex contains a stunning variety of “island life” experiences and beach front entertainment. It is a lively oceanfront destination designed for people of all ages featuring an outdoor beach club and pool, unique restaurants and bars, a convention center, shops, music venues, and a full-scale brewery. It has established itself as one of the best day and night clubs in the metropolitan area, as well as the top venue for private parties, large celebrations, festivals, concerts and corporate events. It is located in one of the top ranked beaches in the world and offers a modern atmosphere with great food, drinks, shops, music and ocean views. All perfect ingredients for a great Caribbean experience.

Located inside the VIVO Beach Club complex is Ocean Lab Brewing Co., the largest craft beer manufacturer in Puerto Rico offering a large variety of beer styles and activities. Ocean Lab Brewing recently received the award of the Best Tap Room in the US.

About Highgate

Highgate is a leading global real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in major U.S. gateway cities including New York, Boston, Miami, San Francisco and Honolulu, with a growing footprint in Europe, the Caribbean and Latin America. The hospitality forward company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate has a proven record of developing its diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts with contemporary programming and digital acumen. The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, Dallas, Los Angeles, Miami, Seattle, Waikiki, London and Lisbon. www.highgate.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, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and 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 geopolitical 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, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, 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 owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential 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 our strategy to expand our management and hotels services and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotels services 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; risks associated with the introduction of new brand concepts, including 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, 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; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240520446579/en/

Bianca Flores

Hyatt

bianca.flores@hyatt.com

Nelly Cruz

nellycruzpr@yahoo.com

Source: Hyatt Hotels Corporation

FAQ

When will the Hyatt Centric San Juan Isla Verde open?

The Hyatt Centric San Juan Isla Verde is set to open in 2025.

What is the cost of the renovation for the Hyatt Centric San Juan Isla Verde?

The renovation of the Hyatt Centric San Juan Isla Verde will cost $25 million.

Where will the Hyatt Centric San Juan Isla Verde be located?

The Hyatt Centric San Juan Isla Verde will be located in the Isla Verde neighborhood, one block away from Isla Verde Beach.

What amenities will the Hyatt Centric San Juan Isla Verde offer?

The hotel will offer 223 guestrooms, a fitness center, 16,000 sq. ft. of meeting space, a resort-style pool, various dining options, and complimentary access to Vivo Beach Club.

Who are the collaborators for the Hyatt Centric San Juan Isla Verde project?

Hyatt Hotels is collaborating with Interlink and Vivo Beach Club for the Hyatt Centric San Juan Isla Verde project.