Hyatt Expanding in Morocco
An affiliate of Chicago, Illinois-based Hyatt Hotels Corporation (H) recently inked a management agreement with Societe d’Aménagement et de Promotion de la Station de Taghazout (:SAPST) to unveil a hotel, Hyatt Place Taghazout, under Hyatt Place-brand in Taghazout, Morocco.
The new hotel, which is scheduled to open in late 2014, will be the first Hyatt Place-branded hotel in Morocco. However, the company already owns a Hyatt Regency-branded hotel, Hyatt Regency Casablanca in Morocco.
SAPST will be the developer and owner of this new hotel. The property will feature 150 luxurious guest rooms along with various other amenities. Its location – in the Taghazout Bay – and close proximity to Agadir city on Morocco’s Atlantic Coast will enable the hotel to attract business as well as leisure travelers.
Hyatt Place Taghazout will include a Moroccan spa, a retail center, an 18-hole golf course, a golf club house, as well as a surf camp.
Apart from the new hotel, there is another Hyatt-branded hotel under construction in Morocco – Park Hyatt Marrakech, which is slated to open in 2013.
Hyatt Place is an upscale select service brand of Hyatt Hotel, which offers wide range of services in a high-tech and modern environment. Earlier this month, the company opened two Hyatt Place-branded hotels – Hyatt Place Los Angeles/LAX/El Segundo in El Segundo, United States and Hyatt Place Hampi in Karnataka, India.
Hyatt Hotels also plans to open a Hyatt Place-branded hotel in Bangkok - Hyatt Place Bangkok, Sukhumvit in collaboration with a local real estate firm, Pioneer Property Company Limited (PPC). The new property is slated to open for business in 2017.
Hyatt Hotels’ major rivals, Starwood Hotels & Resorts Worldwide Inc. (HOT) and Marriott International Inc. (MAR), are also expanding their portfolios worldwide. Last week, Starwood Hotels declared that it is set to unveil an Aloft property named Aloft Tampa Downtown in Tampa, Florida in association with the Liberty Group.
Hyatt Hotels Corporation carries a Zacks #4 Rank (short-term Sell rating).
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